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The consolidated financial statements on pages 171 to 206 were approved and authorised for
issue by the Board of Directors on 18 March 2024 and signed on its behalf by:
Adrian Blair\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Hanno Damm
Chief Executive Officer Chief Financial Officer", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-108": { "value": "5006000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-109": { "value": "64537000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "f-110": { "value": "6602000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": 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"concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-277": { "value": "73459000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-278": { "value": "1026000", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestRevenueExpense", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-279": { "value": "14000", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestRevenueExpense", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-280": { "value": "1432000", "decimals": -3, "dimensions": { "concept": "tru:OtherSimilarIncome", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-281": { "value": "0", "dimensions": { "concept": "tru:OtherSimilarIncome", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-282": { "value": "Trustpilot Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-283": { "value": "public company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-284": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-285": { "value": "5th Floor, The Minster Building, 21 Mincing Lane, London EC3R 7AG", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-286": { "value": "5th Floor, The Minster Building, 21 Mincing Lane, London EC3R 7AG", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-287": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-288": { "value": "The activity of the Company and its subsidiaries (together, the \u201cGroup\u201d) consists of developing and hosting an online review platform that helps consumers make purchasing decisions and businesses showcase and improve their service. Revenue is generated from selling its software as a service (\u201cSaaS\u201d).", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-290": { "value": "
1.1 Basis of preparation
The consolidated financial statements of the Group have been prepared in accordance with
UK-adopted International Accounting Standards and with the requirements of the Companies
Act 2006 as applicable to companies reporting under those standards.
The consolidated financial statements have been prepared on the going concern basis and
under the historical cost convention, except for money market funds that have been
measured at fair value through profit or loss.
The consolidated financial statements are presented in US Dollars (\u201cUSD\u201d). All amounts have
been rounded to the nearest thousand, unless otherwise indicated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-289": { "value": "
1.1 Basis of preparation
The consolidated financial statements of the Group have been prepared in accordance with
UK-adopted International Accounting Standards and with the requirements of the Companies
Act 2006 as applicable to companies reporting under those standards.
The consolidated financial statements have been prepared on the going concern basis and
under the historical cost convention, except for money market funds that have been
measured at fair value through profit or loss.
The consolidated financial statements are presented in US Dollars (\u201cUSD\u201d). All amounts have
been rounded to the nearest thousand, unless otherwise indicated.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-291": { "value": "
1.2 Basis of consolidation
The consolidated financial statements include the parent company, Trustpilot Group plc, and its
subsidiaries. Subsidiaries are all entities over which the Group has control. The Group controls an
entity when the Group is exposed to, or has rights to, variable returns from its involvement with the
entity and has the ability to affect those returns through its power to direct the activities of the
entity. Subsidiaries are fully consolidated from the date on which control is transferred to the
Group. They are deconsolidated from the date that control ceases.
Intercompany transactions, balances and unrealised gains on transactions between Group
companies are eliminated. Unrealised losses are also eliminated unless the transaction
provides evidence of an impairment of the transferred asset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-292": { "value": "Trustpilot Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-293": { "value": "
1.3 Going concern
The directors of the Company (the \u201cDirectors\u201d), in their detailed consideration of going
concern, have performed a going concern assessment for the Group by preparing monthly
cash flows for an 18 month period and then sensitising for what the Directors consider to be
the most severe but plausible scenario that could arise. The assessment was tied to specific
risks identified in the principal risk and uncertainty section including \u2018confidence in our
commitment to trust and transparency\u2019, \u2018misuse of platform\u2019, \u2018changing and varied regulatory
landscape\u2019, \u2018litigation and disputes\u2019 and \u2018macroeconomic environment\u2019.
As at 31 December 2023, the Group has a cash and cash equivalents balance of $91,464
thousand (FY22: $73,459 thousand) with zero debt on the balance sheet. In addition to cash
on the balance sheet, the Group has access to a revolving credit facility for up to $30,000
thousand (FY22: $30,000 thousand), available in multiple currencies, which has not been
considered as part of headroom when considering going concern. The revolving credit facility
is subject to balance sheet covenants, which are considered in the course of scenario
planning.
Additionally, the Directors have evaluated the impact of a reverse stress test over a three year
period meant to illustrate what would need to happen for the Group to exhaust its liquidity.
Further detail can be found in the viability statement within the Strategic report on page 83.
Having considered the severe but plausible downside scenario, the Directors have a
reasonable expectation that the Group has adequate resources to continue to operate for at
least 18 months from the date of signing these financial statements. As a result, they continue
to adopt the going concern basis in preparing the consolidated financial statements, in
accordance with the Companies Act 2006 applicable to companies reporting under IFRS.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-294": { "value": "
1.4 New standards and interpretations
(a) New standards and amendments \u2013 applicable 1 January 2023
The following standards and interpretations apply for the first time to financial reporting
periods commencing on or after 1 January 2023:
\u2022 Definition of Accounting Estimates - Amendments to IAS 8 \u2013 The amendments to IAS 8
clarify the distinction between changes in accounting estimates, changes in accounting
policies and the correction of errors. They also clarify how entities use measurement
techniques and inputs to develop accounting estimates. The amendments had no impact
on the Group\u2019s consolidated financial statements.
\u2022 Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice
Statement 2 \u2013 The amendments to IAS 1 and IFRS Practice Statement 2 Making
Materiality Judgements provide guidance and examples to help entities apply materiality
judgements to accounting policy disclosures. The amendments aim to help entities provide
accounting policy disclosures that are more useful by replacing the requirement for entities
to disclose their \u2018significant\u2019 accounting policies with a requirement to disclose their
\u2018material\u2019 accounting policies and adding guidance on how entities apply the concept of
materiality in making decisions about accounting policy disclosures. The amendments have
had an impact on the Group\u2019s disclosures of accounting policies, but not on the
measurement, recognition or presentation of any items in the Group\u2019s consolidated
financial statements.
\u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction -
Amendments to IAS 12 \u2013 The amendments to IAS 12 Income Tax narrow the scope of the
initial recognition exception, so that it no longer applies to transactions that give rise to
equal taxable and deductible temporary differences such as leases and decommissioning
liabilities. The amendments had no impacts on the Group\u2019s consolidated financial
statements.
\u2022 International Tax Reform-Pillar Two Model Rules - Amendments to IAS 12 - The
amendments to IAS 12 have been introduced in response to the OECD\u2019s BEPS Pillar Two
rules and include:
\u2013 A mandatory temporary exception to the recognition and disclosure of deferred taxes
arising from the jurisdictional implementation of the Pillar Two model rules; and
\u2013 Disclosure requirements for affected entities to help users of the financial statements
better understand an entity\u2019s exposure to Pillar Two income taxes arising from that
legislation, particularly before its effective date.
The mandatory temporary exception- the use of which is required to be disclosed- applies
immediately. The remaining disclosure requirements apply for annual reporting periods
beginning on or after 1 January 2023, but not for any interim periods ending on or before 31
December 2023.
The amendments had no impact on the Group\u2019s consolidated financial statements.
The Group did not have to change its accounting policies or make retrospective adjustments
as a results of adopting these standards. There has been no material impact on the adoption
of new standards during the year.
(b) New and revised IFRS Standards in issue but not yet effective
Certain new accounting standards and amendments are effective for annual reporting periods
beginning after 1 January 2024, though not mandatory for annual reporting periods ending on
31 December 2023. Earlier application is permitted, however, the new or amended standards
have not been early adopted by the Group. The amended standards are as follows:
\u2022 Amendments to IFRS 16: Lease Liability in the Sale and Leaseback \u2013 In September
2022, the IASB issued amendments to IFRS 16 to specify the requirements that a seller-
lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to
ensure the seller-lessee does not recognise any amount of the gain or loss that relates to
the right of use it retains. The amendments are effective for annual reporting periods
beginning on or after 1 January 2024 and must be applied retrospectively to sale and
leaseback transactions entered into after the date of initial application of IFRS 16. Earlier
application is permitted and that fact must be disclosed. The amendments are not
expected to have a material impact on the Group\u2019s consolidated financial statements.
\u2022 Amendments to IAS 1: Classification of Liabilities as Current or Non-current \u2013 In
January 2020 and October 2022, the IASB issued amendments to paragraphs 69 to 76 of
IAS 1 to specify the requirements for classifying liabilities as current or non-current. The
amendments clarify:
\u2013 What is meant by a right to defer settlement
\u2013 That a right to defer must exist at the end of the reporting period
\u2013 That classification is unaffected by the likelihood that an entity will exercise its deferral
right
\u2013 That only if an embedded derivative in a convertible liability is itself an equity instrument
would the terms of a liability not impact its classification
In addition, a requirement has been introduced to require disclosure when a liability arising
from a loan agreement is classified as non-current and the entity\u2019s right to defer settlement is
contingent on compliance with future covenants within twelve months. The amendments are
effective for annual reporting periods beginning on or after 1 January 2024 and must be
applied retrospectively. The Group is currently assessing the impact the amendments will
have on current practice.
\u2022 Supplier Finance Arrangements- Amendments to IAS 7 and IFRS 7 \u2013 In May 2023, the
IASB issued amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial
Instruments: Disclosures to clarify the characteristics of supplier finance arrangements and
require additional disclosure of such arrangements. The disclosure requirements are
intended to assist users of financial statements in understanding the effects of supplier
finance arrangements on an entity\u2019s liabilities, cash flows and exposure to liquidity risk. The
amendments will be effective for annual reporting periods beginning on or after 1 January
2024. Early adoption is permitted, but will need to be disclosed. The amendments are not
expected to have a material impact on the Group\u2019s consolidated financial statements.
The other amended standards and improvements are not mandatory for 31 December 2023
reporting period. The Group expects to adopt the new standards, improvements, and
amendments when they become mandatory.
1.5 Use of alternative performance measures (\u201cAPMs\u201d)
The Group utilises a range of alternative performance measures (\u201cAPMs\u201d) to assess its
performance and this document contains certain measures that are not defined or recognised
under IFRS. The Group considers EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin to
be APMs that provide meaningful, additional measures of Group performance.
The Group believes these APMs provide alternative measures by which to assess the operating
performance of the Group and, together with IFRS measures, are useful in evaluating the Group\u2019s
operating performance. The APMs used in this consolidated financial statements should not be
considered superior to, or a substitute for, measures calculated in accordance with IFRS.
Definitions of the Group\u2019s alternative performance measures along with reconciliation to their
IFRS equivalent measure are included in note 4.
1.6 Functional and presentation currency
The consolidated financial statements are presented in USD.
Items included in the financial statements of each of the Group\u2019s entities are measured using
the currency of the primary economic environment in which the individual entity operates (the
\u201cfunctional currency\u201d).
1.7 Climate-related risks
When preparing the consolidated financial statements, management considers climate-related
risks, where these could have a potentially material impact on the reported amounts or where
climate-related risks could have an impact on items in the statement of profit and loss or on
balance sheet.
In the preparation of the consolidated financial statement, it is management\u2019s assessment
that climate-related risks have not had a material impact on the reported amounts for the year
ended 31 December 2023.
Specifically, we have considered the following areas:
\u2013 The physical and transition risks associated with climate change; and
\u2013 The actions the Group is taking to ensure it meets carbon reduction and net zero
targets.
As a result, the Group has assessed the impacts of climate change on the consolidated
financial statements, and in particular, on the following areas:
\u2013 The carrying value of the Group\u2019s assets, in particular the recoverable amounts of
intangible assets and property, plant and equipment; and
\u2013 Any changes to our estimates of the useful economic lives of intangible assets and
property, plant and equipment.
Management are committed to reducing the Group\u2019s carbon emissions and target achieving
net zero by 2050. Keeping this target in mind, the Group selects its suppliers, shares
knowledge, technology and support its customers with the effort of being the driving force for
change.
1.8 Representation of impairment loss on trade receivables
Impairment losses on trade receivables have been shown separately in accordance with IAS 1
'Presentation of Financial Statements'; previously these were presented within general and
administrative expenses. There is no difference to the operating loss for the year ended 31
December 2022.
FY22
As reported
$\u2019000
FY22
Reclassification
$\u2019000
FY22
Represented
$\u2019000
General and administrative
(39,194)
1,195
(37,999)
Impairment losses on trade receivables
\u2014
(1,195)
(1,195)
2. Summary of material accounting policies
The principal accounting policies are set out below. Policies have been applied consistently,
other than where new policies have been applied.
2.1 Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided
to the chief operating decision maker. The Group considers the Executive Leadership Team
(ELT) to be the operating decision making body, as the ELT examines the Group\u2019s
performance and makes all significant decisions regarding business development and
allocation of resources.
For that purpose, a single business segment has been identified as an operating segment
which is consistent with the internal reporting to the chief operating decision making body.
Further information about the composition of the ELT has been provided in note 5.
There is also considered to be only one reporting segment, the results of which are shown in
note 5.
2.2 Revenue
The Group generates revenue from the sale of company subscription plans, generally for a
period of 12 months, where the invoicing varies from monthly to yearly. The revenue is shown
net of local sales tax and customer discounts.
Revenue recognition requires an agreement with the customer, which creates enforceable rights
and obligations between the parties, has commercial substance and identifies payment terms. The
Group recognises revenue when it is probable that the Group will collect the consideration to which
it will be entitled in exchange for the services that will be transferred to the customer.
Revenue is measured at the transaction price to which the Group expects to be entitled. The
contracts are based on a single performance obligation and the transaction price is allocated to this
performance obligation based on a stand-alone selling price. The Group satisfies the single
performance obligation by recognising the revenue from subscriptions over time as the software
service is delivered to customers according to the subscription period. Contracts primarily utilise
quarterly or annual billing frequency with payment terms typically between 8 and 90 days.
The Group contracts with its customers to provide access to, and use of, its \u201csoftware-as-a-
service\u201d product over the term defined in the contract. Specific product features accessible by
customers are determined on a customer by customer basis and are specified in customers\u2019
contracts. The subscription plan is considered to be a single performance obligation which is
satisfied over time and revenue is recognised on a straight-line basis over the subscription period.
No significant judgements are made which affect the determination of the amount or timing of
the revenue from contracts with customers.
Incremental costs of obtaining a contract relate largely to sales commissions paid to
employees on new business which are deferred and amortised over a period commensurate
to the contract value and expected future renewal periods, to the extent that they are
recoverable. Amortisation is on a straight line basis and included within sales and marketing.
There is no variable consideration included in the transaction price for the company
subscription plans.
The Group has taken advantage of the practical expedient available not to adjust the
promised amount of consideration for the effects of a significant financing component on the
basis that, at contract inception, the expected period between providing a service to a
customer and when the customer pays for that service will be one year or less.
If amounts received or receivable from a customer exceed revenue recognised for a contract,
a contract liability is recognised. Contract liabilities primarily reflect invoices due or payments
received in advance of revenue recognition. Contract liabilities are unwound as related
performance obligations are satisfied over the related subscription period.
The significant majority of contract liabilities that arise are expected to be recognised as
revenue within a year of the statement of balance sheet date.
Provisions and accruals for refunds are made to the full value of the refund in the period to
which the refund is identified.
2.3 Government grants
Grants from the government are recognised at their fair value where there is a reasonable
assurance that the grant will be received, and the Group will comply with all attached
conditions. Income from grants is recognised on a systematic basis over the periods in which
the entity recognises the related costs for which the grant is intended to compensate. A grant
that becomes receivable as compensation for expenses or losses already incurred, or for the
purpose of giving immediate financial support to the entity with no future related costs, shall
be recognised in income in the period in which it becomes receivable. Government grants are
recorded as Other operating income in the consolidated statement of profit or loss.
2.4 Cost of sales
Cost of sales consists of the cost to deliver the Group\u2019s software service. Cost of sales
includes the hosting and related technologies to deliver the software service as well as the
ongoing customer success and customer support efforts that continue to be aligned with
customers over the term of their subscription. Cost of sales primarily consists of the labour
costs associated with customer success and customer support efforts. Cost of sales are
recognised when incurred.
2.5 Sales and marketing
Sales and marketing costs consists of the efforts primarily directed at new customer
acquisition. Sales costs include direct sales support functions such as sales operations and
partnerships while marketing costs consist of both marketing staff labour costs as well as
marketing program expenditures.
2.6 Technology and content
Technology and content costs include the compensation and associated expenses for
employees engaged in the research and development of both new and existing services.
These costs also include the development, design and upkeep of our digital platforms, the
curation and presentation of services, as well as the infrastructure expense incurred.
Infrastructure costs which also are including depreciation and amortisation of servers,
networking equipment and data centre facilities, in addition to other essential expenditures
required to support the Group\u2019s platform.
Amortisation of development costs is included in technology and content due to the nature of
the asset on which the amortisation is charged. The period where there is consumption of the
benefits of the asset is not impacted by the period over which revenue is recognised or the
level of revenue that is generated by the asset. Therefore this is considered a more
appropriate presentation than to show within cost of sales.
2.7 General and administrative
General and administrative expenses comprise costs incurred by the back-office functions
such as finance, legal and human resources, including wages, costs under share-based
programmes and other office costs. General and administrative expenses include a proportion
of depreciation, primarily consisting of right-of-use assets depreciation.
2.8 Other operating income
Other operating income includes income of a secondary nature to the Group\u2019s primary
activities, including gains or losses on the sale of tangible assets as well as government
grants recognised as income for the year.
Trustpilot Group plc launched a new global R&D and Innovation Hub in Edinburgh, Scotland,
in 2020, with the aim of developing cutting-edge technology that proactively tackles the
behaviour that threatens trust online. The Hub is being supported through a R&D grant from
Scottish Enterprise.
2.9 Financial income and expenses
Financial income and expenses are recognised in the consolidated statements of profit or loss
at the amounts that concern the financial year. Financial income and expenses include
interest income and expenses calculated in accordance with the effective interest method.
Foreign exchange gains and losses on transactional activities are included in finance income
and finance expenses within the consolidated statement of profit or loss. The cash flows
arising on foreign exchange gains and losses, other than cash and cash equivalents are
included in Changes to working capital \u2013 Increase/(decrease) in other payables.
2.10 Income tax
The income tax expense or credit for the period is the tax payable on the current period\u2019s
taxable income based on the applicable income tax rate for each jurisdiction, adjusted by
changes in deferred tax assets and liabilities attributable to temporary differences and unused
tax losses.
The current income tax charge is calculated on the basis of the tax laws enacted or
substantively enacted at the balance sheet date in the countries in which the Company and its
subsidiaries operate and generate taxable income.
Management periodically evaluates positions taken in tax returns with respect to situations in
which applicable tax regulation is subject to interpretation. It establishes provisions, where
appropriate, on the basis of amounts expected to be paid to the tax authorities.
Deferred income tax is provided in full, using the liability method, on temporary differences
arising between the tax bases of assets and liabilities and their carrying amounts in the
consolidated financial statements.
Deferred income tax is not accounted for if it arises from initial recognition of an asset or
liability in a transaction other than a business combination that at the time of the transaction
affects neither accounting nor taxable profit or loss.
Deferred income tax is determined using tax rates (and laws) that have been enacted or
substantially enacted by the end of the reporting period and are expected to apply when the
related deferred income tax asset is realised or the deferred income tax liability is settled.
Deferred tax assets are recognised only if it is probable that future taxable amounts will be
available to utilise those temporary differences and losses.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset
current tax assets and liabilities and when the deferred tax balances relate to the same
taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally
enforceable right to offset and intends either to settle on a net basis, or to realise the asset
and settle the liability simultaneously. It is assessed at each reporting date whether it is likely
that in the future there will be sufficient taxable profits against which the deferred tax assets
can be utilised.
Changes in deferred tax is recognised in the consolidated statement of profit or loss, except
to the extent that it relates to items recognised in other comprehensive income or directly in
equity. In this case, the tax is also recognised in other comprehensive income or directly in
equity, respectively.
2.11 Earnings per share
Earnings per share (\u201cEPS\u201d) for the Group are calculated in accordance with IAS 33. The
following types of EPS are reported:
(i) \u2013 Basic earnings per share
Group earnings or losses after taxes, divided by the weighted average number of ordinary
shares outstanding for the period.
(ii) \u2013 Diluted earnings per share
Group earnings or losses after taxes, divided by the weighted average number of ordinary
shares outstanding for the period as well as all potentially convertible securities. The impact of
potentially dilutive ordinary shares is excluded when they would be anti-dilutive.
2.12 Intangible assets
Intangible assets include in progress and completed development projects.
Intangible assets have a finite useful life and are subsequently carried at cost less
accumulated amortisation and impairment losses.
Costs associated with maintaining IT-platforms are recognised as an expense as incurred.
Development costs that are directly attributable to the design and testing of identifiable and
unique projects controlled by the Group are recognised as intangible assets when the
following criteria are met:
\u2022 It is technically feasible to complete the software so that it will be available for use;
\u2022 Management intends to complete the software and use or sell it;
\u2022 There is an ability to use or sell the software;
\u2022 It can be demonstrated how the software will generate probable future economic benefits;
\u2022 Adequate technical, financial and other resources to complete the development and to use
or sell the software are available;
\u2022 The expenditure attributable to the software during its development can be reliably
measured, and;
\u2022 Directly attributable costs that are capitalised as part of the projects include employee
costs. Capitalised development costs are recorded as intangible assets and amortised
from the point at which the asset is ready for use.
Research expenditure and development expenditure that do not meet the criteria above are
recognised as an expense as incurred. Development costs previously recognised as an
expense are not recognised as an asset in a subsequent period.
The Group amortises intangible assets with a finite useful life using the straight-line method
over the following periods:
Development projects \u2013 In progressNone
Development projects \u2013 Completed3 years
Completed and in progress development projects are reviewed annually to determine whether
there are indications of impairment. If such indication exists, the asset\u2019s recoverable amount
is calculated. If the recoverable amount is lower than the carrying value, the development
projects are impaired to the recoverable value. Development projects in-progress are tested
at least annually for impairment.
2.13 Property, plant and equipment
Property, plant and equipment is measured at historical cost less accumulated depreciation.
The cost includes expenditure that is directly attributable to the acquisition of the items.
Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate
asset, as appropriate, only when it is probable that future economic benefits associated with
the item will flow to the Group and the cost of the item can be measured reliably. The carrying
amount of any component accounted for as a separate asset is derecognised when replaced.
All other repairs and maintenance are charged to the consolidated statement of profit or loss
during the reporting period in which they are incurred.
Depreciations are calculated using the straight-line method, net of their residual values over
their estimated useful lives, as follows:
Other fixtures and fittings, tools and equipment3 \u2013 5 years
Leasehold improvementsTerm of lease (3 \u2013 5 years)
2.14 Leases
Leases are recognised as a right-of-use asset and a corresponding liability at the date at
which the leased asset is available for use by the Group. Each lease payment is allocated
between the liability and finance cost. The finance cost is charged to the consolidated
statement of profit or loss over the lease period so as to produce a constant periodic rate of
interest on the remaining balance of the liability for each period. The right-of-use asset is
depreciated on a straight-line basis over the shorter of the asset\u2019s useful life and the lease
term of the asset.
The leases of the Group consist of property rentals.
The assets and liabilities arising from the property leases are initially measured on a present
value basis. Lease liabilities include the net present value of the following lease payments
included in the property leases:
\u2022 Fixed payments (including in-substance fixed payments), less any lease incentives
receivable;
\u2022 Variable lease payment that are based on an index or a rate, and;
\u2022 Payments of penalties for terminating the lease, if the lease term reflects the lessee
exercising that option.
The lease payments are discounted using the interest rate implicit in the lease, if that rate can
be determined, or the Group\u2019s incremental borrowing rate, being the rate that the individual
lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to
the right-of-use asset in a similar economic environment with similar terms, security and
conditions.
The Group is exposed to potential future increases in variable lease payments based on an
index or rate, which are not included in the lease liability until they take effect. When
adjustments to lease payments based on an index or rate take effect, the lease liability is
reassessed and adjusted against the right-of-use asset.
Lease liabilities are subsequently measured by increasing the carrying amount to reflect
interest on the lease liability and reducing the carrying amount to reflect the lease payments
made. Right-of-use assets are measured at cost comprising the following:
\u2022 The amount of the initial measurement of lease liability;
\u2022 Any lease payments made at or before the commencement date less any lease incentives
received, and;
\u2022 Any initial direct costs.
Variable lease payments and payments associated with short-term leases are recognised on a
straight-line basis as an expense in the consolidated statement of profit or loss under the line
item- general and administrative expense. Short-term leases are leases with a lease term of
12 months or less. The Group has no leases of low-value assets.
The lease term is defined as the non-cancellable period of a lease together with periods
covered by options to extend the lease if it is reasonable certain that the options will be
exercised and periods covered by options to terminate the lease if it is reasonably certain that
the options will not be exercised.
Extension and termination options are included in a number of property leases across the
Group. These are used to maximise operational flexibility in terms of managing the assets
used in the Group\u2019s operations. The majority of extension and termination options held are
exercisable only by the Group and not by the respective lessor.
The Group classifies leases of 12 months or below as short-term leases. Those are not
treated under IFRS16 but expensed to the profit or loss account on a straight line basis over
the term of the lease.
2.15 Impairment of non-current assets
Non-current assets are tested for impairment whenever events or changes in circumstances
indicate that the carrying amount may not be recoverable. An impairment loss is recognised
for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount.
The development projects are tested for impairment annually. The recoverable amount is the
higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of
assessing impairment, assets are grouped at the lowest levels for which there are separately
identifiable cash inflows which are largely independent of the cash inflows from other assets
or groups of assets (cash-generating units). Non-current assets that suffered an impairment
are reviewed for possible reversal of the impairment at the end of each reporting period.
2.16 Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a
financial liability or equity instrument of another entity.
i) Financial assets
Initial recognition and measurement
Financial assets are classified at initial recognition, as subsequently measured at amortised
cost, at fair value through other comprehensive income (\u201cFVOCI\u201d), or fair value through profit
or loss (\u201cFVTPL\u201d).
The classification of financial assets at initial recognition depends on the financial asset\u2019s
contractual cash flow characteristics and the Group\u2019s business model for managing them.
The Group initially measures a financial asset at its fair value plus, in the case of a financial
asset not at fair value through profit or loss, transaction costs. Trade receivables that do not
contain a significant financing component or for which the Group has applied the practical
expedient are measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value
through OCI, it needs to give rise to cash flows that are solely payments of principal and
interest (\u201cSPPI\u201d) on the principal amount outstanding. Financial assets that are not SPPI are
classified and measured at fair value through profit or loss, irrespective of the business model.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified into four categories:
\u2022 Financial assets at amortised costs (debt instruments)
\u2022 Financial assets at fair value through OCI with recycling of cumulative gains and losses
(debt instruments)
\u2022 Financial assets designated at fair value through OCI with no recycling of cumulative gains
and losses upon derecognition (equity instruments)
\u2022 Financial assets at fair value through profit or loss
Financial assets at amortised cost
The Group measures financial assets at amortised cost if both of the following conditions are
met:
\u2022 The financial asset is held within a business model with the objective to hold financial
assets in order to collect contractual cash flows; and
\u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that
are solely payments of principal and interest on the principal amount outstanding
Financial assets at amortised cost are subsequently measured using the effective interest rate
(\u201cEIR\u201d) and are subject to impairment. Gains and losses are recognised in profit or loss when
the asset is derecognised, modified or impaired. The Group\u2019s financial assets measured at
amortised cost includes cash at bank and in hand, trade receivables, deposit and other
receivables.
Trade and other receivables
Trade receivables and other receivables are recognised initially at fair value and subsequently
measured at amortised cost using the effective interest method, less loss allowance.
The Group holds the trade receivables and other receivables with the objective to collect the
contractual cash flows and then measures them subsequently at amortised cost.
Deposits
Deposits relate to leasehold premises, which are included in the consolidated balance sheet
as either non-current assets or current assets depending on the length of time to maturity of
the leased premises with the exception of the lease in Denmark where there is on-going
current lease liability with the assumption that Trustpilot Group plc will not leave the premises
within the next 12 months and therefore the deposit is non-current, due back after the 12
months.
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss are carried in the statement of financial
position at fair value with net changes in their fair value recognised in the statement of profit
or loss. The Group\u2019s financial assets measured at fair value through profit or loss includes the
Money market funds.
Money market funds are measured at fair value, with movements in fair value recognised as a
profit or loss in the consolidated statement of profit or loss.
Impairment
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments
not held at FVTPL. The most significant financial assets of the Group are its trade receivables.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which
uses a lifetime expected loss allowance for all trade receivables. ECLs are based on the
difference between the contractual cash flows due in accordance with the contract and all the
cash flows that the Group expects to receive, discounted at an approximation of the original
effective interest rate (EIR). See note 16 for further description of the Group\u2019s impairment
policies for trade receivables.
While cash and cash equivalents are also subject to the impairment requirements of IFRS 9,
the identified impairment loss was immaterial.
Derecognition
A financial asset is primarily derecognised when:
\u2022 The rights to receive cash flows from the asset have expired; or
\u2022 The Group has transferred its rights to receive cash flows from the asset and either
\u2013 the Group has transferred substantially all the risks and reward of the asset, or
\u2013 the Group has neither transferred nor retained substantially all the risks and rewards of
the asset, but has transferred control of the asset.
ii) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, at fair value through profit or loss,
borrowings, payables, or as derivatives designated as hedging instruments in an effective
hedge, as appropriate. The Group has no derivatives designated as hedging instruments.
All financial liabilities are recognised initially at fair value and, in the case of borrowings, net of
directly attributable transaction costs.
The Group\u2019s financial liabilities include borrowings, trade payables and other payables.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Borrowings
Borrowings are initially recognised at fair value which is generally proceeds received, and net
of transaction costs incurred. Subsequently, borrowings are measured at amortised cost.
Borrowings are classified according to the length and terms, which means that settlement of
liability more than 12 months after the reporting period is classified as non-current, the
settlement less than 12 months is classified as current.
Trade payables and other payables
Trade payables are initially measured at fair value, less any transaction costs. In subsequent
periods, trade payables are measured at amortised cost using the effective interest method so
that the difference between the proceeds and the nominal value is recognised in the income
statement under financial expenses over the loan period.
Other payables are measured at amortised cost.
The majority of our contracts are 12 months, although we do have some contracts with
extended periods. We consider that all our contract lives are within our normal operating cycle
and therefore all our contract liabilities are presented as current within the consolidated
balance sheet. However, for transparency purposes, we disclose those amounts that will be
recognised over 12 months within note 20.
2.17 Contract acquisition costs
Contract acquisition costs represents incremental costs of obtaining a contract. For further
details refer to note 3.1.
2.18 Prepayments
Prepayments recognised as an asset comprise prepaid expenses regarding subsequent
financial reporting years.
2.19 Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and on hand and
also money market funds with a maturity of three months or less, that are held for the purpose
of meeting short term cash commitments and are readily convertible to a known amount of
cash and subject to an insignificant risk of changes in value.
2.20 Equity
Share capital
Ordinary shares are classified as equity. Own equity instruments that are reacquired (treasury
shares) are recognised at cost and deducted from equity. No gain or loss is recognised in
profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity
instruments.
Share premium
The share premium account is used to record the aggregate amount or value of premiums
paid in excess of the nominal value of these new ordinary shares issued. Costs that directly
relate to the issue of ordinary shares are deducted from share premium net of corporation tax.
Merger reserve
The merger reserve represents the difference between the carrying value of the assets and
liabilities acquired under merger accounting to the cost of investment (the fair value).
Accumulated losses
Accumulated losses comprise all current and prior period retained losses.
Foreign currency translation reserve
Exchange differences arising on translation of the parent company and of foreign controlled
entities into the presentation currency, USD, are recognised in other comprehensive income
and accumulated in a separate reserve within equity. The cumulative amount is reclassified to
profit or loss when the net investment is disposed of.
The assets and liabilities of the parent company and the Group\u2019s subsidiaries are translated
into presentational currency, USD, using period-end exchange rates. Income and expenses
items are translated at the average exchange rates for the period. Where the differences arise
between these rates, they are recognised in other comprehensive income in a separate
reserve within equity. The cumulative amount is reclassified to profit or loss when the net
investment is disposed of.
2.21 Provisions
Provisions are recognised when the group has a present legal or constructive obligation as a
result of past events, it is probable that an outflow of resources will be required to settle the
obligation, and the amount can be reliably estimated.
2.22 Share-based payments
The Group currently operates a number of share schemes: Employee Warrants, Long Term
Incentives Plan and Restricted Stock Units. The Long Term Incentive Plan and Restricted
Share Units are restricted schemes.
The warrant program and restricted share schemes are classified as equity arrangements. As
such, the fair value of the warrants and restricted shares granted under the programs are
recognised as an expense with a corresponding increase in equity. The total amount to be
expensed is determined by reference to the fair value of the warrants and restricted shares
granted including the impact of any non-vesting conditions.
The total expense is recognised over the vesting period, which is the period over which all of
the specified vesting conditions are to be satisfied. At the end of each period, the Group
revises its estimates of the number of options or restricted shares that are expected to vest
based on the respective market vesting, non-market vesting and service conditions. It
recognises the impact of the revision to original estimates, if any, in profit or loss, with a
corresponding adjustment to equity.
Further information about the warrant and restricted share programs, including models used
to calculate the fair value are disclosed in note 8.
2.23 Foreign currency translation
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange
rate ruling at the date of the transaction. Foreign currency monetary items are translated at
the rates of exchange ruling at the end of the reporting period. Non-monetary items that are
measured in terms of historical cost in a foreign currency are not retranslated.
Exchange differences arising on the settlements of monetary items and on the retranslation of
monetary items are included in profit or loss for the year, except for foreign currency
movements on intercompany balances, where settlement is not planned or likely in the
foreseeable future, in which case they are recognised in other comprehensive income. Foreign
exchange movements on external borrowings which are designated as a hedge of the net
investment in its related subsidiaries are recognised in the foreign currency translation
reserve.
Translation of share capital and share premium
Share capital and share premium denominated in a currency that differs from the Group\u2019s
presentational currency is translated at each year end using the closing rate. All resulting
exchange differences noted on retranslating equity items are recognised directly in equity as
part of the foreign currency translation reserve and does not form part of other comprehensive
income.
2.24 Cash flow statement
The consolidated cash flow statement shows the Group\u2019s cash flows for the year analysed
and presented as operating, investing and financing activities, changes for the year in cash
and cash equivalents as well as the Group\u2019s cash and cash equivalents at the beginning and
end of the year.
Cash flows from operating activities are calculated as the net profit/loss for the year adjusted
for changes in working capital and non-cash operating items such as share-based payment
expenses, depreciation, amortisation and impairment losses. Working capital comprises
current assets less short-term debt, excluding items included in cash and cash equivalents.
Cash flows from investing activities comprise cash flows from acquisitions and disposals of
intangible assets and property, plant and equipment.
Cash flows from financing activities comprise cash flows from the raising and repayment of
long-term debt and principal element on lease payments as well as payments to and from
shareholders.
3. Critical accounting estimates and judgements
The preparation of financial statements requires the use of accounting estimates which, by
definition, will seldom equal the actual results. Management also needs to exercise judgement
in applying the Group\u2019s accounting policies.
The judgements, estimates as well as the related assumptions made are based on historical
experience and other factors that management considers to be reliable, but which by their
very nature are associated with uncertainty and unpredictability. Actual results may differ from
these estimates.
3.1 Critical accounting estimates
Critical accounting estimates are expectations of the future based on assumptions, that to the
extent possible are supported by historical trends or reasonable expectations. The
assumptions may change to adapt to the market conditions and changes in economic factors
etc. The Group believe that the estimates are the most likely outcome of future events.
Share-based payments
Estimating fair value for share-based payment transactions requires determination of the most
appropriate valuation model, which depends on the terms and conditions of the grant. This
estimate also requires determination of the most appropriate inputs to the valuation model
including the expected life of the share option, volatility and dividend yield and making
assumptions about these. The assumptions and models used for estimating fair value for
share-based payment transactions are disclosed in note 8.
Estimates are also undertaken regarding expected forfeiture rates of unvested shares as well
as performance estimates under LTIP program. Estimates only impact phasing of expenses as
all actual forfeitures and performance is ultimately trued-up in reporting.
Incremental cost of obtaining customers\u2019 contracts
The Group has assessed incremental costs and determined that they are recoverable based
on management's estimate of future profitability under the contracts for the first time in 2023.
The Group has recognised $3,981 thousand (FY22: nil) incremental costs of obtaining
contracts with customers. The incremental costs of obtaining a contract relate to sales
commission paid to employees and are recognised as contract assets at the time of signing
contracts with customers. The capitalised costs of obtaining a contract are amortised on a
straight line basis over the period of the customer life, typically three years.
Previously, incremental costs of obtaining a contract were expensed in full within sales and
marketing expenses at the time of signing contracts with customers based on these costs not
previously being deemed recoverable.
If the customer useful life is changed to be two or four years, the impact is not sensitive and
the difference is immaterial. Amortisation of cost to obtaining contracts is reported within
sales and marketing.
Recognition of deferred tax assets
As of 31 December 2023, the Group has recognised tax assets of $12,428 thousand with a
tax value of $56,491 thousand (FY22: tax assets of $79 thousand with a tax value of $359
thousand) and unrecognised tax assets of $23,975 thousand with a tax value of\u00a0 $110,000
thousand (FY22: $38,551 thousand \u2013 tax value over $177,000 thousand) that relates to tax
loss carry-forward amounts primarily to Trustpilot A/S and its immediate subsidiaries,
Trustpilot, Inc. and Trustpilot Ltd. Trustpilot A/S and the US and UK subsidiaries have
incurred the losses over the previous years as a consequence of expanding the Group and its
operations. Of the $110,000 thousand, $69,000 thousand (FY22: $136,000 thousand) of the
losses can be carried forward indefinitely with no expiration date while $41,000 thousand
(FY22: $41,000 thousand) is subject to a finite utilisation period with expirations beginning as
soon as 2033.
Deferred tax assets are reviewed at each reporting date. In considering their recoverability,
the Group assesses the likelihood of the asset being recovered within a reasonably
foreseeable timeframe considering the future expected profit profile and business model of
each relevant country, as well as any restrictions on use. As the Group has a history of making
taxable losses, IAS 12 Income Taxes further requires that convincing evidence is available to
support Management\u2019s assessment that sufficient taxable profits will be available in the
future. Reflecting the improving forecasts and expectation of using tax losses in the Danish
entity, the Group has recognised a deferred tax asset of $12,347 thousand (FY22: $0) which
has been based on a risk adjusted forecast. Current forecasts indicate that the recognised
losses will be utilised over the next 5 years.
For Trustpilot, Inc. and Trustpilot Ltd, even though the Group\u2019s approved budgets shows that
they should be able to generate taxable profits in the foreseeable future, management has
concluded that it will not be able to meet the strict criteria in IAS 12 to provide \u2018convincing
evidence\u2019, as the budget are sensitive to the timing and level of investments in the Trustpilot-
platform and similar factors. Consequently, no additional deferred tax assets have been
recognised for the Group\u2019s tax loss carry-forwards. Additional detail can be found in note 15.
3.2 Critical accounting judgements
Key accounting judgements are made when applying accounting policies. Key accounting
judgements are the judgements made by the Group that can have a significant impact in the
financial results.
Determining the lease term
The Group determines the lease term as the non-cancellable term of the lease, together with
any periods covered by an option to extend the lease if it is reasonably certain to be
exercised, or any periods covered by an option to terminate the lease, if it is reasonably
certain not to be exercised.
Extension and termination options are included in a number of property leases across the
Group. Management applies judgement in evaluating whether it is reasonably certain or not to
exercise the options to extend and/or terminate the leases. When determining the lease term,
Management considers all facts and circumstances that create an economic incentive to
exercise an extension option, or not exercise a termination option. Extension options (or
periods after termination options) are only included in the lease term if the lease is reasonably
certain to be extended (or not terminated). The Group considers factors including historical
lease durations; and the costs and business disruption required to replace the asset. Most
extension options have not been included in the lease liability, because the Group could
replace the asset (the offices) without significant cost or business disruption.
The assessment of reasonable certainty is only revised if a significant event or a significant
change in circumstances occurs, which affects this assessment, and that is within the control
of the lessee. The lease term is reassessed if an option is actually exercised (or not exercised)
or the Group becomes obliged to exercise (or not exercise) it. Information on potential future
rental payments related to periods following the exercise date of termination options that are
not included in the lease term is disclosed in note 14.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-295": { "value": "
1.6 Functional and presentation currency
The consolidated financial statements are presented in USD.
Items included in the financial statements of each of the Group\u2019s entities are measured using
the currency of the primary economic environment in which the individual entity operates (the
\u201cfunctional currency\u201d).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-296": { "value": "
1.7 Climate-related risks
When preparing the consolidated financial statements, management considers climate-related
risks, where these could have a potentially material impact on the reported amounts or where
climate-related risks could have an impact on items in the statement of profit and loss or on
balance sheet.
In the preparation of the consolidated financial statement, it is management\u2019s assessment
that climate-related risks have not had a material impact on the reported amounts for the year
ended 31 December 2023.
Specifically, we have considered the following areas:
\u2013 The physical and transition risks associated with climate change; and
\u2013 The actions the Group is taking to ensure it meets carbon reduction and net zero
targets.
As a result, the Group has assessed the impacts of climate change on the consolidated
financial statements, and in particular, on the following areas:
\u2013 The carrying value of the Group\u2019s assets, in particular the recoverable amounts of
intangible assets and property, plant and equipment; and
\u2013 Any changes to our estimates of the useful economic lives of intangible assets and
property, plant and equipment.
Management are committed to reducing the Group\u2019s carbon emissions and target achieving
net zero by 2050. Keeping this target in mind, the Group selects its suppliers, shares
knowledge, technology and support its customers with the effort of being the driving force for
change.
", "dimensions": { "concept": "tru:DescriptionOfAccountingPolicyForClimateRelatedRisksTextBlock", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-297": { "value": "
1.8 Representation of impairment loss on trade receivables
Impairment losses on trade receivables have been shown separately in accordance with IAS 1
'Presentation of Financial Statements'; previously these were presented within general and
administrative expenses. There is no difference to the operating loss for the year ended 31
December 2022.
FY22
As reported
$\u2019000
FY22
Reclassification
$\u2019000
FY22
Represented
$\u2019000
General and administrative
(39,194)
1,195
(37,999)
Impairment losses on trade receivables
\u2014
(1,195)
(1,195)
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-298": { "value": "
2.1 Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided
to the chief operating decision maker. The Group considers the Executive Leadership Team
(ELT) to be the operating decision making body, as the ELT examines the Group\u2019s
performance and makes all significant decisions regarding business development and
allocation of resources.
For that purpose, a single business segment has been identified as an operating segment
which is consistent with the internal reporting to the chief operating decision making body.
Further information about the composition of the ELT has been provided in note 5.
There is also considered to be only one reporting segment, the results of which are shown in
note 5.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-299": { "value": "
2.2 Revenue
The Group generates revenue from the sale of company subscription plans, generally for a
period of 12 months, where the invoicing varies from monthly to yearly. The revenue is shown
net of local sales tax and customer discounts.
Revenue recognition requires an agreement with the customer, which creates enforceable rights
and obligations between the parties, has commercial substance and identifies payment terms. The
Group recognises revenue when it is probable that the Group will collect the consideration to which
it will be entitled in exchange for the services that will be transferred to the customer.
Revenue is measured at the transaction price to which the Group expects to be entitled. The
contracts are based on a single performance obligation and the transaction price is allocated to this
performance obligation based on a stand-alone selling price. The Group satisfies the single
performance obligation by recognising the revenue from subscriptions over time as the software
service is delivered to customers according to the subscription period. Contracts primarily utilise
quarterly or annual billing frequency with payment terms typically between 8 and 90 days.
The Group contracts with its customers to provide access to, and use of, its \u201csoftware-as-a-
service\u201d product over the term defined in the contract. Specific product features accessible by
customers are determined on a customer by customer basis and are specified in customers\u2019
contracts. The subscription plan is considered to be a single performance obligation which is
satisfied over time and revenue is recognised on a straight-line basis over the subscription period.
No significant judgements are made which affect the determination of the amount or timing of
the revenue from contracts with customers.
Incremental costs of obtaining a contract relate largely to sales commissions paid to
employees on new business which are deferred and amortised over a period commensurate
to the contract value and expected future renewal periods, to the extent that they are
recoverable. Amortisation is on a straight line basis and included within sales and marketing.
There is no variable consideration included in the transaction price for the company
subscription plans.
The Group has taken advantage of the practical expedient available not to adjust the
promised amount of consideration for the effects of a significant financing component on the
basis that, at contract inception, the expected period between providing a service to a
customer and when the customer pays for that service will be one year or less.
If amounts received or receivable from a customer exceed revenue recognised for a contract,
a contract liability is recognised. Contract liabilities primarily reflect invoices due or payments
received in advance of revenue recognition. Contract liabilities are unwound as related
performance obligations are satisfied over the related subscription period.
The significant majority of contract liabilities that arise are expected to be recognised as
revenue within a year of the statement of balance sheet date.
Provisions and accruals for refunds are made to the full value of the refund in the period to
which the refund is identified.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-300": { "value": "
2.3 Government grants
Grants from the government are recognised at their fair value where there is a reasonable
assurance that the grant will be received, and the Group will comply with all attached
conditions. Income from grants is recognised on a systematic basis over the periods in which
the entity recognises the related costs for which the grant is intended to compensate. A grant
that becomes receivable as compensation for expenses or losses already incurred, or for the
purpose of giving immediate financial support to the entity with no future related costs, shall
be recognised in income in the period in which it becomes receivable. Government grants are
recorded as Other operating income in the consolidated statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-301": { "value": "
2.9 Financial income and expenses
Financial income and expenses are recognised in the consolidated statements of profit or loss
at the amounts that concern the financial year. Financial income and expenses include
interest income and expenses calculated in accordance with the effective interest method.
Foreign exchange gains and losses on transactional activities are included in finance income
and finance expenses within the consolidated statement of profit or loss. The cash flows
arising on foreign exchange gains and losses, other than cash and cash equivalents are
included in Changes to working capital \u2013 Increase/(decrease) in other payables.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-302": { "value": "
2.10 Income tax
The income tax expense or credit for the period is the tax payable on the current period\u2019s
taxable income based on the applicable income tax rate for each jurisdiction, adjusted by
changes in deferred tax assets and liabilities attributable to temporary differences and unused
tax losses.
The current income tax charge is calculated on the basis of the tax laws enacted or
substantively enacted at the balance sheet date in the countries in which the Company and its
subsidiaries operate and generate taxable income.
Management periodically evaluates positions taken in tax returns with respect to situations in
which applicable tax regulation is subject to interpretation. It establishes provisions, where
appropriate, on the basis of amounts expected to be paid to the tax authorities.
Deferred income tax is provided in full, using the liability method, on temporary differences
arising between the tax bases of assets and liabilities and their carrying amounts in the
consolidated financial statements.
Deferred income tax is not accounted for if it arises from initial recognition of an asset or
liability in a transaction other than a business combination that at the time of the transaction
affects neither accounting nor taxable profit or loss.
Deferred income tax is determined using tax rates (and laws) that have been enacted or
substantially enacted by the end of the reporting period and are expected to apply when the
related deferred income tax asset is realised or the deferred income tax liability is settled.
Deferred tax assets are recognised only if it is probable that future taxable amounts will be
available to utilise those temporary differences and losses.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset
current tax assets and liabilities and when the deferred tax balances relate to the same
taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally
enforceable right to offset and intends either to settle on a net basis, or to realise the asset
and settle the liability simultaneously. It is assessed at each reporting date whether it is likely
that in the future there will be sufficient taxable profits against which the deferred tax assets
can be utilised.
Changes in deferred tax is recognised in the consolidated statement of profit or loss, except
to the extent that it relates to items recognised in other comprehensive income or directly in
equity. In this case, the tax is also recognised in other comprehensive income or directly in
equity, respectively.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-303": { "value": "
2.11 Earnings per share
Earnings per share (\u201cEPS\u201d) for the Group are calculated in accordance with IAS 33. The
following types of EPS are reported:
(i) \u2013 Basic earnings per share
Group earnings or losses after taxes, divided by the weighted average number of ordinary
shares outstanding for the period.
(ii) \u2013 Diluted earnings per share
Group earnings or losses after taxes, divided by the weighted average number of ordinary
shares outstanding for the period as well as all potentially convertible securities. The impact of
potentially dilutive ordinary shares is excluded when they would be anti-dilutive.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-304": { "value": "
2.12 Intangible assets
Intangible assets include in progress and completed development projects.
Intangible assets have a finite useful life and are subsequently carried at cost less
accumulated amortisation and impairment losses.
Costs associated with maintaining IT-platforms are recognised as an expense as incurred.
Development costs that are directly attributable to the design and testing of identifiable and
unique projects controlled by the Group are recognised as intangible assets when the
following criteria are met:
\u2022 It is technically feasible to complete the software so that it will be available for use;
\u2022 Management intends to complete the software and use or sell it;
\u2022 There is an ability to use or sell the software;
\u2022 It can be demonstrated how the software will generate probable future economic benefits;
\u2022 Adequate technical, financial and other resources to complete the development and to use
or sell the software are available;
\u2022 The expenditure attributable to the software during its development can be reliably
measured, and;
\u2022 Directly attributable costs that are capitalised as part of the projects include employee
costs. Capitalised development costs are recorded as intangible assets and amortised
from the point at which the asset is ready for use.
Research expenditure and development expenditure that do not meet the criteria above are
recognised as an expense as incurred. Development costs previously recognised as an
expense are not recognised as an asset in a subsequent period.
The Group amortises intangible assets with a finite useful life using the straight-line method
over the following periods:
Development projects \u2013 In progressNone
Development projects \u2013 Completed3 years
Completed and in progress development projects are reviewed annually to determine whether
there are indications of impairment. If such indication exists, the asset\u2019s recoverable amount
is calculated. If the recoverable amount is lower than the carrying value, the development
projects are impaired to the recoverable value. Development projects in-progress are tested
at least annually for impairment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-305": { "value": "
2.13 Property, plant and equipment
Property, plant and equipment is measured at historical cost less accumulated depreciation.
The cost includes expenditure that is directly attributable to the acquisition of the items.
Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate
asset, as appropriate, only when it is probable that future economic benefits associated with
the item will flow to the Group and the cost of the item can be measured reliably. The carrying
amount of any component accounted for as a separate asset is derecognised when replaced.
All other repairs and maintenance are charged to the consolidated statement of profit or loss
during the reporting period in which they are incurred.
Depreciations are calculated using the straight-line method, net of their residual values over
their estimated useful lives, as follows:
Other fixtures and fittings, tools and equipment3 \u2013 5 years
Leasehold improvementsTerm of lease (3 \u2013 5 years)
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-306": { "value": "
2.14 Leases
Leases are recognised as a right-of-use asset and a corresponding liability at the date at
which the leased asset is available for use by the Group. Each lease payment is allocated
between the liability and finance cost. The finance cost is charged to the consolidated
statement of profit or loss over the lease period so as to produce a constant periodic rate of
interest on the remaining balance of the liability for each period. The right-of-use asset is
depreciated on a straight-line basis over the shorter of the asset\u2019s useful life and the lease
term of the asset.
The leases of the Group consist of property rentals.
The assets and liabilities arising from the property leases are initially measured on a present
value basis. Lease liabilities include the net present value of the following lease payments
included in the property leases:
\u2022 Fixed payments (including in-substance fixed payments), less any lease incentives
receivable;
\u2022 Variable lease payment that are based on an index or a rate, and;
\u2022 Payments of penalties for terminating the lease, if the lease term reflects the lessee
exercising that option.
The lease payments are discounted using the interest rate implicit in the lease, if that rate can
be determined, or the Group\u2019s incremental borrowing rate, being the rate that the individual
lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to
the right-of-use asset in a similar economic environment with similar terms, security and
conditions.
The Group is exposed to potential future increases in variable lease payments based on an
index or rate, which are not included in the lease liability until they take effect. When
adjustments to lease payments based on an index or rate take effect, the lease liability is
reassessed and adjusted against the right-of-use asset.
Lease liabilities are subsequently measured by increasing the carrying amount to reflect
interest on the lease liability and reducing the carrying amount to reflect the lease payments
made. Right-of-use assets are measured at cost comprising the following:
\u2022 The amount of the initial measurement of lease liability;
\u2022 Any lease payments made at or before the commencement date less any lease incentives
received, and;
\u2022 Any initial direct costs.
Variable lease payments and payments associated with short-term leases are recognised on a
straight-line basis as an expense in the consolidated statement of profit or loss under the line
item- general and administrative expense. Short-term leases are leases with a lease term of
12 months or less. The Group has no leases of low-value assets.
The lease term is defined as the non-cancellable period of a lease together with periods
covered by options to extend the lease if it is reasonable certain that the options will be
exercised and periods covered by options to terminate the lease if it is reasonably certain that
the options will not be exercised.
Extension and termination options are included in a number of property leases across the
Group. These are used to maximise operational flexibility in terms of managing the assets
used in the Group\u2019s operations. The majority of extension and termination options held are
exercisable only by the Group and not by the respective lessor.
The Group classifies leases of 12 months or below as short-term leases. Those are not
treated under IFRS16 but expensed to the profit or loss account on a straight line basis over
the term of the lease.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-307": { "value": "
2.15 Impairment of non-current assets
Non-current assets are tested for impairment whenever events or changes in circumstances
indicate that the carrying amount may not be recoverable. An impairment loss is recognised
for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount.
The development projects are tested for impairment annually. The recoverable amount is the
higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of
assessing impairment, assets are grouped at the lowest levels for which there are separately
identifiable cash inflows which are largely independent of the cash inflows from other assets
or groups of assets (cash-generating units). Non-current assets that suffered an impairment
are reviewed for possible reversal of the impairment at the end of each reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-308": { "value": "
2.16 Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a
financial liability or equity instrument of another entity.
i) Financial assets
Initial recognition and measurement
Financial assets are classified at initial recognition, as subsequently measured at amortised
cost, at fair value through other comprehensive income (\u201cFVOCI\u201d), or fair value through profit
or loss (\u201cFVTPL\u201d).
The classification of financial assets at initial recognition depends on the financial asset\u2019s
contractual cash flow characteristics and the Group\u2019s business model for managing them.
The Group initially measures a financial asset at its fair value plus, in the case of a financial
asset not at fair value through profit or loss, transaction costs. Trade receivables that do not
contain a significant financing component or for which the Group has applied the practical
expedient are measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value
through OCI, it needs to give rise to cash flows that are solely payments of principal and
interest (\u201cSPPI\u201d) on the principal amount outstanding. Financial assets that are not SPPI are
classified and measured at fair value through profit or loss, irrespective of the business model.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified into four categories:
\u2022 Financial assets at amortised costs (debt instruments)
\u2022 Financial assets at fair value through OCI with recycling of cumulative gains and losses
(debt instruments)
\u2022 Financial assets designated at fair value through OCI with no recycling of cumulative gains
and losses upon derecognition (equity instruments)
\u2022 Financial assets at fair value through profit or loss
Financial assets at amortised cost
The Group measures financial assets at amortised cost if both of the following conditions are
met:
\u2022 The financial asset is held within a business model with the objective to hold financial
assets in order to collect contractual cash flows; and
\u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that
are solely payments of principal and interest on the principal amount outstanding
Financial assets at amortised cost are subsequently measured using the effective interest rate
(\u201cEIR\u201d) and are subject to impairment. Gains and losses are recognised in profit or loss when
the asset is derecognised, modified or impaired. The Group\u2019s financial assets measured at
amortised cost includes cash at bank and in hand, trade receivables, deposit and other
receivables.
Trade and other receivables
Trade receivables and other receivables are recognised initially at fair value and subsequently
measured at amortised cost using the effective interest method, less loss allowance.
The Group holds the trade receivables and other receivables with the objective to collect the
contractual cash flows and then measures them subsequently at amortised cost.
Deposits
Deposits relate to leasehold premises, which are included in the consolidated balance sheet
as either non-current assets or current assets depending on the length of time to maturity of
the leased premises with the exception of the lease in Denmark where there is on-going
current lease liability with the assumption that Trustpilot Group plc will not leave the premises
within the next 12 months and therefore the deposit is non-current, due back after the 12
months.
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss are carried in the statement of financial
position at fair value with net changes in their fair value recognised in the statement of profit
or loss. The Group\u2019s financial assets measured at fair value through profit or loss includes the
Money market funds.
Money market funds are measured at fair value, with movements in fair value recognised as a
profit or loss in the consolidated statement of profit or loss.
Impairment
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments
not held at FVTPL. The most significant financial assets of the Group are its trade receivables.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which
uses a lifetime expected loss allowance for all trade receivables. ECLs are based on the
difference between the contractual cash flows due in accordance with the contract and all the
cash flows that the Group expects to receive, discounted at an approximation of the original
effective interest rate (EIR). See note 16 for further description of the Group\u2019s impairment
policies for trade receivables.
While cash and cash equivalents are also subject to the impairment requirements of IFRS 9,
the identified impairment loss was immaterial.
Derecognition
A financial asset is primarily derecognised when:
\u2022 The rights to receive cash flows from the asset have expired; or
\u2022 The Group has transferred its rights to receive cash flows from the asset and either
\u2013 the Group has transferred substantially all the risks and reward of the asset, or
\u2013 the Group has neither transferred nor retained substantially all the risks and rewards of
the asset, but has transferred control of the asset.
ii) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, at fair value through profit or loss,
borrowings, payables, or as derivatives designated as hedging instruments in an effective
hedge, as appropriate. The Group has no derivatives designated as hedging instruments.
All financial liabilities are recognised initially at fair value and, in the case of borrowings, net of
directly attributable transaction costs.
The Group\u2019s financial liabilities include borrowings, trade payables and other payables.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Borrowings
Borrowings are initially recognised at fair value which is generally proceeds received, and net
of transaction costs incurred. Subsequently, borrowings are measured at amortised cost.
Borrowings are classified according to the length and terms, which means that settlement of
liability more than 12 months after the reporting period is classified as non-current, the
settlement less than 12 months is classified as current.
Trade payables and other payables
Trade payables are initially measured at fair value, less any transaction costs. In subsequent
periods, trade payables are measured at amortised cost using the effective interest method so
that the difference between the proceeds and the nominal value is recognised in the income
statement under financial expenses over the loan period.
Other payables are measured at amortised cost.
The majority of our contracts are 12 months, although we do have some contracts with
extended periods. We consider that all our contract lives are within our normal operating cycle
and therefore all our contract liabilities are presented as current within the consolidated
balance sheet. However, for transparency purposes, we disclose those amounts that will be
recognised over 12 months within note 20.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-309": { "value": "Financial assets
Initial recognition and measurement
Financial assets are classified at initial recognition, as subsequently measured at amortised
cost, at fair value through other comprehensive income (\u201cFVOCI\u201d), or fair value through profit
or loss (\u201cFVTPL\u201d).
The classification of financial assets at initial recognition depends on the financial asset\u2019s
contractual cash flow characteristics and the Group\u2019s business model for managing them.
The Group initially measures a financial asset at its fair value plus, in the case of a financial
asset not at fair value through profit or loss, transaction costs. Trade receivables that do not
contain a significant financing component or for which the Group has applied the practical
expedient are measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value
through OCI, it needs to give rise to cash flows that are solely payments of principal and
interest (\u201cSPPI\u201d) on the principal amount outstanding. Financial assets that are not SPPI are
classified and measured at fair value through profit or loss, irrespective of the business model.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-310": { "value": "
Trade and other receivables
Trade receivables and other receivables are recognised initially at fair value and subsequently
measured at amortised cost using the effective interest method, less loss allowance.
The Group holds the trade receivables and other receivables with the objective to collect the
contractual cash flows and then measures them subsequently at amortised cost.
2.18 Prepayments
Prepayments recognised as an asset comprise prepaid expenses regarding subsequent
financial reporting years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-311": { "value": "
ii) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, at fair value through profit or loss,
borrowings, payables, or as derivatives designated as hedging instruments in an effective
hedge, as appropriate. The Group has no derivatives designated as hedging instruments.
All financial liabilities are recognised initially at fair value and, in the case of borrowings, net of
directly attributable transaction costs.
The Group\u2019s financial liabilities include borrowings, trade payables and other payables.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Borrowings
Borrowings are initially recognised at fair value which is generally proceeds received, and net
of transaction costs incurred. Subsequently, borrowings are measured at amortised cost.
Borrowings are classified according to the length and terms, which means that settlement of
liability more than 12 months after the reporting period is classified as non-current, the
settlement less than 12 months is classified as current.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-312": { "value": "
Trade payables and other payables
Trade payables are initially measured at fair value, less any transaction costs. In subsequent
periods, trade payables are measured at amortised cost using the effective interest method so
that the difference between the proceeds and the nominal value is recognised in the income
statement under financial expenses over the loan period.
Other payables are measured at amortised cost.
The majority of our contracts are 12 months, although we do have some contracts with
extended periods. We consider that all our contract lives are within our normal operating cycle
and therefore all our contract liabilities are presented as current within the consolidated
balance sheet. However, for transparency purposes, we disclose those amounts that will be
recognised over 12 months within note 20.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-313": { "value": "
2.19 Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and on hand and
also money market funds with a maturity of three months or less, that are held for the purpose
of meeting short term cash commitments and are readily convertible to a known amount of
cash and subject to an insignificant risk of changes in value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-314": { "value": "
2.20 Equity
Share capital
Ordinary shares are classified as equity. Own equity instruments that are reacquired (treasury
shares) are recognised at cost and deducted from equity. No gain or loss is recognised in
profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity
instruments.
Share premium
The share premium account is used to record the aggregate amount or value of premiums
paid in excess of the nominal value of these new ordinary shares issued. Costs that directly
relate to the issue of ordinary shares are deducted from share premium net of corporation tax.
Merger reserve
The merger reserve represents the difference between the carrying value of the assets and
liabilities acquired under merger accounting to the cost of investment (the fair value).
Accumulated losses
Accumulated losses comprise all current and prior period retained losses.
Foreign currency translation reserve
Exchange differences arising on translation of the parent company and of foreign controlled
entities into the presentation currency, USD, are recognised in other comprehensive income
and accumulated in a separate reserve within equity. The cumulative amount is reclassified to
profit or loss when the net investment is disposed of.
The assets and liabilities of the parent company and the Group\u2019s subsidiaries are translated
into presentational currency, USD, using period-end exchange rates. Income and expenses
items are translated at the average exchange rates for the period. Where the differences arise
between these rates, they are recognised in other comprehensive income in a separate
reserve within equity. The cumulative amount is reclassified to profit or loss when the net
investment is disposed of.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-315": { "value": "
2.21 Provisions
Provisions are recognised when the group has a present legal or constructive obligation as a
result of past events, it is probable that an outflow of resources will be required to settle the
obligation, and the amount can be reliably estimated.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-316": { "value": "
2.22 Share-based payments
The Group currently operates a number of share schemes: Employee Warrants, Long Term
Incentives Plan and Restricted Stock Units. The Long Term Incentive Plan and Restricted
Share Units are restricted schemes.
The warrant program and restricted share schemes are classified as equity arrangements. As
such, the fair value of the warrants and restricted shares granted under the programs are
recognised as an expense with a corresponding increase in equity. The total amount to be
expensed is determined by reference to the fair value of the warrants and restricted shares
granted including the impact of any non-vesting conditions.
The total expense is recognised over the vesting period, which is the period over which all of
the specified vesting conditions are to be satisfied. At the end of each period, the Group
revises its estimates of the number of options or restricted shares that are expected to vest
based on the respective market vesting, non-market vesting and service conditions. It
recognises the impact of the revision to original estimates, if any, in profit or loss, with a
corresponding adjustment to equity.
Further information about the warrant and restricted share programs, including models used
to calculate the fair value are disclosed in note 8.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-317": { "value": "
2.23 Foreign currency translation
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange
rate ruling at the date of the transaction. Foreign currency monetary items are translated at
the rates of exchange ruling at the end of the reporting period. Non-monetary items that are
measured in terms of historical cost in a foreign currency are not retranslated.
Exchange differences arising on the settlements of monetary items and on the retranslation of
monetary items are included in profit or loss for the year, except for foreign currency
movements on intercompany balances, where settlement is not planned or likely in the
foreseeable future, in which case they are recognised in other comprehensive income. Foreign
exchange movements on external borrowings which are designated as a hedge of the net
investment in its related subsidiaries are recognised in the foreign currency translation
reserve.
Translation of share capital and share premium
Share capital and share premium denominated in a currency that differs from the Group\u2019s
presentational currency is translated at each year end using the closing rate. All resulting
exchange differences noted on retranslating equity items are recognised directly in equity as
part of the foreign currency translation reserve and does not form part of other comprehensive
income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-318": { "value": "
2.24 Cash flow statement
The consolidated cash flow statement shows the Group\u2019s cash flows for the year analysed
and presented as operating, investing and financing activities, changes for the year in cash
and cash equivalents as well as the Group\u2019s cash and cash equivalents at the beginning and
end of the year.
Cash flows from operating activities are calculated as the net profit/loss for the year adjusted
for changes in working capital and non-cash operating items such as share-based payment
expenses, depreciation, amortisation and impairment losses. Working capital comprises
current assets less short-term debt, excluding items included in cash and cash equivalents.
Cash flows from investing activities comprise cash flows from acquisitions and disposals of
intangible assets and property, plant and equipment.
Cash flows from financing activities comprise cash flows from the raising and repayment of
long-term debt and principal element on lease payments as well as payments to and from
shareholders.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-319": { "value": "
3. Critical accounting estimates and judgements
The preparation of financial statements requires the use of accounting estimates which, by
definition, will seldom equal the actual results. Management also needs to exercise judgement
in applying the Group\u2019s accounting policies.
The judgements, estimates as well as the related assumptions made are based on historical
experience and other factors that management considers to be reliable, but which by their
very nature are associated with uncertainty and unpredictability. Actual results may differ from
these estimates.
3.1 Critical accounting estimates
Critical accounting estimates are expectations of the future based on assumptions, that to the
extent possible are supported by historical trends or reasonable expectations. The
assumptions may change to adapt to the market conditions and changes in economic factors
etc. The Group believe that the estimates are the most likely outcome of future events.
Share-based payments
Estimating fair value for share-based payment transactions requires determination of the most
appropriate valuation model, which depends on the terms and conditions of the grant. This
estimate also requires determination of the most appropriate inputs to the valuation model
including the expected life of the share option, volatility and dividend yield and making
assumptions about these. The assumptions and models used for estimating fair value for
share-based payment transactions are disclosed in note 8.
Estimates are also undertaken regarding expected forfeiture rates of unvested shares as well
as performance estimates under LTIP program. Estimates only impact phasing of expenses as
all actual forfeitures and performance is ultimately trued-up in reporting.
Incremental cost of obtaining customers\u2019 contracts
The Group has assessed incremental costs and determined that they are recoverable based
on management's estimate of future profitability under the contracts for the first time in 2023.
The Group has recognised $3,981 thousand (FY22: nil) incremental costs of obtaining
contracts with customers. The incremental costs of obtaining a contract relate to sales
commission paid to employees and are recognised as contract assets at the time of signing
contracts with customers. The capitalised costs of obtaining a contract are amortised on a
straight line basis over the period of the customer life, typically three years.
Previously, incremental costs of obtaining a contract were expensed in full within sales and
marketing expenses at the time of signing contracts with customers based on these costs not
previously being deemed recoverable.
If the customer useful life is changed to be two or four years, the impact is not sensitive and
the difference is immaterial. Amortisation of cost to obtaining contracts is reported within
sales and marketing.
Recognition of deferred tax assets
As of 31 December 2023, the Group has recognised tax assets of $12,428 thousand with a
tax value of $56,491 thousand (FY22: tax assets of $79 thousand with a tax value of $359
thousand) and unrecognised tax assets of $23,975 thousand with a tax value of\u00a0 $110,000
thousand (FY22: $38,551 thousand \u2013 tax value over $177,000 thousand) that relates to tax
loss carry-forward amounts primarily to Trustpilot A/S and its immediate subsidiaries,
Trustpilot, Inc. and Trustpilot Ltd. Trustpilot A/S and the US and UK subsidiaries have
incurred the losses over the previous years as a consequence of expanding the Group and its
operations. Of the $110,000 thousand, $69,000 thousand (FY22: $136,000 thousand) of the
losses can be carried forward indefinitely with no expiration date while $41,000 thousand
(FY22: $41,000 thousand) is subject to a finite utilisation period with expirations beginning as
soon as 2033.
Deferred tax assets are reviewed at each reporting date. In considering their recoverability,
the Group assesses the likelihood of the asset being recovered within a reasonably
foreseeable timeframe considering the future expected profit profile and business model of
each relevant country, as well as any restrictions on use. As the Group has a history of making
taxable losses, IAS 12 Income Taxes further requires that convincing evidence is available to
support Management\u2019s assessment that sufficient taxable profits will be available in the
future. Reflecting the improving forecasts and expectation of using tax losses in the Danish
entity, the Group has recognised a deferred tax asset of $12,347 thousand (FY22: $0) which
has been based on a risk adjusted forecast. Current forecasts indicate that the recognised
losses will be utilised over the next 5 years.
For Trustpilot, Inc. and Trustpilot Ltd, even though the Group\u2019s approved budgets shows that
they should be able to generate taxable profits in the foreseeable future, management has
concluded that it will not be able to meet the strict criteria in IAS 12 to provide \u2018convincing
evidence\u2019, as the budget are sensitive to the timing and level of investments in the Trustpilot-
platform and similar factors. Consequently, no additional deferred tax assets have been
recognised for the Group\u2019s tax loss carry-forwards. Additional detail can be found in note 15.
3.2 Critical accounting judgements
Key accounting judgements are made when applying accounting policies. Key accounting
judgements are the judgements made by the Group that can have a significant impact in the
financial results.
Determining the lease term
The Group determines the lease term as the non-cancellable term of the lease, together with
any periods covered by an option to extend the lease if it is reasonably certain to be
exercised, or any periods covered by an option to terminate the lease, if it is reasonably
certain not to be exercised.
Extension and termination options are included in a number of property leases across the
Group. Management applies judgement in evaluating whether it is reasonably certain or not to
exercise the options to extend and/or terminate the leases. When determining the lease term,
Management considers all facts and circumstances that create an economic incentive to
exercise an extension option, or not exercise a termination option. Extension options (or
periods after termination options) are only included in the lease term if the lease is reasonably
certain to be extended (or not terminated). The Group considers factors including historical
lease durations; and the costs and business disruption required to replace the asset. Most
extension options have not been included in the lease liability, because the Group could
replace the asset (the offices) without significant cost or business disruption.
The assessment of reasonable certainty is only revised if a significant event or a significant
change in circumstances occurs, which affects this assessment, and that is within the control
of the lessee. The lease term is reassessed if an option is actually exercised (or not exercised)
or the Group becomes obliged to exercise (or not exercise) it. Information on potential future
rental payments related to periods following the exercise date of termination options that are
not included in the lease term is disclosed in note 14.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-320": { "value": "
5. Operating segments
For management purposes and based on internal reporting information, the Group is
organised in only one operating segment, as the information reported includes operating
results at a consolidated group level only. The costs related to the main nature of the
business, being the Group\u00b4s online review platform which serves the Group\u2019s customers, are
not attributable to any specific revenue stream or customer type and are therefore borne
centrally. The results of the single reporting segment, comprising the entire Group, are shown
in the consolidated statement of comprehensive income. These represent a single business
segment for the sale of company subscription plans, generally for a period of twelve months,
where the invoicing varies from monthly to annually.
The Executive Leadership Team is the Chief Operating Decision Maker (CODM), which is
made up of the senior leadership across the respective functional areas, responsible for the
strategic decision making and for the monitoring of the operating results of the single
operating segment for the purpose of performance assessment.
Whilst Group operations are distributed globally with a large presence in Denmark and shares
are listed on the London Stock Exchange, the UK and North America are the Group\u2019s primary
markets where revenue generated consists of approximately 40% and 21% (FY22: UK:
approx. 40% and North America: approx. 23%), respectively. Other geographical locations
besides the UK and North America are defined as \u2018Europe and Rest of World\u2019 where no
individual country exceeded more than 6% of the consolidated revenue in FY23 (FY22: 6%).
Trustpilot has customers in many regions around the world but is organised globally from an
operation perspective. For this reason, while operating assets may be recorded in Denmark
for example, they will be supporting customers around the world. Therefore, a single
operating segment is reported with revenue disclosed by region based on the location of the
customer. Non-current operating assets are similarly based on geographic location.
The following table displays external revenue (based on customer location) and non-current
operating assets by geographic area:
FY23
$ \u2018000
FY22
$ \u2018000
Revenue
UK1
69,951
59,803
North America
37,284
34,003
Europe and Rest of World
69,127
55,126
Total revenue
176,362
148,932
Non-current operating assets
UK1
12,678
13,867
North America
11,149
13,453
Europe and Rest of World
9,581
9,400
Total non-current operating assets
33,408
36,720
1 For presentation purposes, the Isle of Man and the British Virgin Islands are included within the UK.
Non-current operating assets consist of intangible assets, property, plant and equipment,
right-of-use assets and deposits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-321": { "value": "
6. Staff cost
The monthly average number of persons employed by the Group (including Directors) by
function was:
FY23
Number
FY22
Number
Customer success and support
218
207
General and administrative
134
145
Sales and marketing
276
313
Technology and content
261
255
Total
889
920
Group employee costs comprise:
FY23
$ \u2018000
FY22
$ \u2018000
Wages and salaries
107,566
95,150
Social security costs1
9,818
6,702
Other pension costs2
3,183
2,050
Share-based payments
6,339
5,853
Total
126,906
109,755
1 Social security costs in FY23 includes a charge of $845 thousand (FY22: credit of $(1,642) thousand) in respect of share-based
payments as a result of the increase in the share price.
2 This represents the Group\u2019s defined contribution schemes which are provided to its employees. This charge reflects the current
year contributions made.
Directors\u2019 remuneration
Details of the Directors\u2019 remuneration is set out in the Annual report on Remuneration.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-322": { "value": "
Key Management Compensation
For FY23, key management consists of any Director (whether executive or otherwise), further
disclosure of Directors\u2019 emoluments is available in the Directors\u2019 Remuneration Report on
page 147. The comparative figures have been presented on a consistent basis. The
compensation paid or payable to key management for employee services and Directors duties
is shown below:
FY23
$ \u2018000
FY22
$ \u2018000
Directors:
Short-term employee benefits
2,709
2,164
Post-employment benefits
36
27
Share-based payments
1,672
1,376
Total compensation of key management personnel
4,417
3,567
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-325": { "value": "
7. Operating loss
FY23
$ \u2018000
FY22
$ \u2018000
Operating loss is stated after charging:
Fees payable to the company\u2019s auditors and its associates for:
Audit of parent company and consolidated financial statements
749
701
Audit of financial statements of subsidiaries of the Group
236
184
Other audit related assurance services1
138
162
Other assurance services2
29
\u2014
Depreciation on property, plant and equipment3
1,573
1,092
Depreciation on right-of-use assets3
4,230
3,649
Amortisation on intangible assets3,4
3,171
2,612
Loss on property, plant and equipment
20
\u2014
Impairment loss on intangible assets3,4
\u2014
5
1 Other audit related assurance services consists of fees associated with the review of interim financials.
2 Other assurance services relate to an audit of the interim balance sheet of Trustpilot A/S as required by local law.
3 Amortisation, depreciation and impairment losses are allocated in profit or loss as follows: Technology and content: $3,310
thousand (FY22: $2,637 thousand), General and administrative: $5,664 thousand (FY22: $4,721 thousand).
4 Amortisation and impairment on intangible assets are included in the statement of profit or loss under the line item Technology
and content.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-324": { "value": "
7. Operating loss
FY23
$ \u2018000
FY22
$ \u2018000
Operating loss is stated after charging:
Fees payable to the company\u2019s auditors and its associates for:
Audit of parent company and consolidated financial statements
749
701
Audit of financial statements of subsidiaries of the Group
236
184
Other audit related assurance services1
138
162
Other assurance services2
29
\u2014
Depreciation on property, plant and equipment3
1,573
1,092
Depreciation on right-of-use assets3
4,230
3,649
Amortisation on intangible assets3,4
3,171
2,612
Loss on property, plant and equipment
20
\u2014
Impairment loss on intangible assets3,4
\u2014
5
1 Other audit related assurance services consists of fees associated with the review of interim financials.
2 Other assurance services relate to an audit of the interim balance sheet of Trustpilot A/S as required by local law.
3 Amortisation, depreciation and impairment losses are allocated in profit or loss as follows: Technology and content: $3,310
thousand (FY22: $2,637 thousand), General and administrative: $5,664 thousand (FY22: $4,721 thousand).
4 Amortisation and impairment on intangible assets are included in the statement of profit or loss under the line item Technology
and content.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-323": { "value": "
7. Operating loss
FY23
$ \u2018000
FY22
$ \u2018000
Operating loss is stated after charging:
Fees payable to the company\u2019s auditors and its associates for:
Audit of parent company and consolidated financial statements
749
701
Audit of financial statements of subsidiaries of the Group
236
184
Other audit related assurance services1
138
162
Other assurance services2
29
\u2014
Depreciation on property, plant and equipment3
1,573
1,092
Depreciation on right-of-use assets3
4,230
3,649
Amortisation on intangible assets3,4
3,171
2,612
Loss on property, plant and equipment
20
\u2014
Impairment loss on intangible assets3,4
\u2014
5
1 Other audit related assurance services consists of fees associated with the review of interim financials.
2 Other assurance services relate to an audit of the interim balance sheet of Trustpilot A/S as required by local law.
3 Amortisation, depreciation and impairment losses are allocated in profit or loss as follows: Technology and content: $3,310
thousand (FY22: $2,637 thousand), General and administrative: $5,664 thousand (FY22: $4,721 thousand).
4 Amortisation and impairment on intangible assets are included in the statement of profit or loss under the line item Technology
and content.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-326": { "value": "
8. Share-based payment plans
The Group currently operates three share schemes: Employee Warrants, Long Term Incentive
Plan and Restricted Share Plan.
For the financial year ended 31 December 2023 and 31 December 2022, the Group has
recognised the following share-based payment expense in the consolidated statement of
profit or loss.
FY23
$ \u2018000
FY22
$ \u2018000
Employee Warrants
598
2,250
Long Term Incentive Plan
1,430
676
Restricted Share Plan
4,311
2,927
6,339
5,853
Current tax
51
261
Deferred tax
\u2014
(15)
Total
6,390
6,099
Employee Warrants
The fair value at grant date is determined using a Black-Scholes model that takes into
account the share price at grant date, the exercise price, the risk free interest rate for the term
of the warrants, the expected volatility and the term of the warrant (the expected maturity).
Settlement of any vested portion of the awards is expected to be satisfied by the issue of new
ordinary shares in the Company upon vesting date.
Movements in the number of share options outstanding and their related weighted average
exercise prices in the financial year ended 31 December 2023 and 31 December 2022 are as
follow:
Total movement in employee warrants
FY23
FY22
Number of
warrants
No. \u2018000
Weighted avg
exercise price
$ \u2018000
Number of
warrants
No. \u2018000
Weighted avg
exercise price
$ \u2018000
Opening Balance
30,590
0.68
35,041
0.78
Granted
\u2014
\u2014
\u2014
\u2014
Exercised
(1,681)
0.37
(2,202)
0.48
Forfeited
(1,133)
1.55
(2,249)
0.88
Expired
(36)
0.28
\u2014
\u2014
Closing Balance
27,740
0.70
30,590
0.68
Number of warrants exercisable at
31\u00a0December
21,472
\u2014
17,264
\u2014
As at 31 December 2023, employee warrants contributed $598 thousand to the share-based
compensation expense (FY22: $2,250 thousand). Employee warrants have exercise prices
ranging from $0.12 to $1.68 with a weighted average of $0.70 (FY22: prices ranging from
$0.09 to $1.34 with a weighted average of $0.68). The weighted average remaining
contractual life of warrants outstanding as at 31 December 2023 was 5.27 years (FY22: 6.01
years).
Long Term Incentive Plan
A Long Term Incentive Plan (\u201cLTIP\u201d) ensures the alignment of incentives for management and
the performance of the Group. Incentives are established across three complementary
measures of shareholder return performance, revenue growth and trust to ensure balanced
priorities for management for the long term advancement of the Group. In FY23, conditional
awards over 5,796 thousand (FY22: 2,366 thousand) ordinary shares in the Company were
granted to management under the LTIP.
The LTIP is administered at the discretion of the remuneration committee of the Board (the
\u201cRemuneration Committee\u201d) and no individual has a contractual right to participate. The LTIP
awards granted in FY23 will ordinarily vest on 24 March 2026 and 19 September 2026,
subject in each case to the award recipient\u2019s continued service and the Remuneration
Committee\u2019s assessment of the extent to which the award\u2019s performance measures are
satisfied. Settlement of any vested portion of the awards is expected to be satisfied by the
issue of new ordinary shares in the Company upon the vesting date.
Executive Directors of the Company are subject to a two year post-vesting holding period for
the shares they receive (net of shares equal to any tax liability and nominal cost of
acquisition). Targets for each of the three performance measures are set with a lower bound
and upper bound. If performance falls below the lower bound there will be no vesting. If
performance meets or exceeds the upper bound it will result in 100% vesting. Performance
between the lower and upper bounds will result in vesting between 25% and 100% on a
straight-line basis, as further detailed below.
Total shareholder return (\u201cTSR\u201d) performance measure
The vesting of 75% (the \u201cTSR Part\u201d) of the LTIP awards granted in FY23 is subject to the
Group\u2019s TSR performance over a three year period that commenced on 24 March 2023
relative to the TSR performance over the same period of the constituents of the FTSE 250
Index (excluding investment trusts and the Group) as at 24 March 2023. 25% of the TSR Part
will vest for median ranking performance, rising on a straight-line basis up to 100% vesting of
the TSR Part for upper quartile ranking (or better) relative TSR performance.
Trust performance measure
The vesting of 25% (the \u201cTrust Measure Part\u201d) of the LTIP awards granted in FY23 is subject
to targets set for the average of Trustpilot\u2019s own TrustScores (i.e. the star ratings of reviews
gathered for Trustpilot on the Trustpilot platform) taken at the end of 2023, 2024 and 2025
respectively. The TrustScore Part target will be stepped between an average TrustScore of
4.0 and 4.4 rising on a straight-line basis up to 100% vesting for an average TrustScore of 4.4
(or better).
As an additional condition, no part of such LTIP awards will vest unless the Remuneration
Committee is satisfied as to overall Group performance over the period until vesting \u2013 and, as
required by the UK Corporate Governance Code, the Remuneration Committee will retain a
power to moderate the vesting levels from awards if this is appropriate in all of the
circumstances, including consideration of shareholder experience.
Settlement of vested awards is expected to be satisfied by the issue of new ordinary shares in
the Group. LTIP awards contributed $1,430 thousand to the share-based compensation
expense in the FY23 financials (FY22: $676 thousand). Targets and fair value treatment are
summarised as follows:
Measure
Fair Value Method
Weighted Avg
Fair Value
Lower Bound
Upper Bound
TSR
Stochastic Model
0.50
Equal to Median
Upper Quartile or Greater
Trust
Black-Scholes
0.85
Average Trust
Measure of 4.0
Average Trust Measure of
4.4\u00a0or Greater
Fair Value Factors
March 23
grant
Additional
Chaffe March
23 (Executive
Director)
September 23
grant
Additional Chaffe
September 23
(Executive
Director)
Closing share price on date of grant (pence)
84.70
84.7
96.45
96.45
Price (pence)
1.00
1.00
1.00
1.00
Expected term
3.00 yrs
+2.00 years
holding
period
3.00 yrs
+2.00 years
holding period
Risk-free interest rate
3.19%
3.18%
4.47%
4.54%
Expected dividend yield
\u2014%
\u2014%
\u2014%
\u2014%
Expected volatility
35.47%
33.61%
32.46%
33.25%
Note: Chaffe model used to fair value the impact of the two year holding period for Executive Directors
Total movement in LTIP
FY23
No. \u2018000
FY22
No. \u2018000
Opening Balance
3,338
1,101
Granted
5,796
2,366
Exercised
\u2014
\u2014
Forfeited
(1,432)
(129)
Closing Balance
7,702
3,338
Number of LTIPs exercisable at 31 December
\u2014
\u2014
Restricted Share Plan
The Restricted Share Plan (\u201cRSP\u201d) is offered to selected employees and aligns the interest of
award recipients with shareholders and serves to help retain employees over the vesting
periods. Vesting periods are subject to the condition of continued service only rather than
performance measures.
In FY23, conditional awards over 6,015 thousand (FY22: 5,765 thousand) ordinary shares in
the Company were issued to employees under the RSP. Vesting typically takes place over a
three year period with settlement of each vested portion of the awards expected to be
satisfied by the issue of new ordinary shares in the Company upon the vesting date. In special
cases awards with a different vesting period can occur and in FY23 an award was granted
with a 2-year vesting period.
The RSP is administered at the discretion of the Remuneration Committee and no individual
has a contractual right to participate. The cost of acquisition of the awards when vested is 1
pence per each share, equal to the nominal share value, and the fair value is determined using
a Black-Scholes model. RSP awards contributed $4,311 thousand to the share-based
compensation expense in the FY23 financials (FY22: $2,927 thousand).
Fair Value Factors
April 2023
Grant
October 2023
Grant
Closing share price on date of grant (pence)
88.50
92.95
Price (pence)
1.00
1.00
Weighted average contractual life
1.82
1.88
Risk-free interest rate
3.62%-4.51%
4.51%-4.94%
Expected dividend yield
\u2014%
\u2014%
Expected volatility
35.47%
32.46%
Total movement in RSP
FY23
No \u2018000
FY22
No \u2018000
Opening Balance
5,808
814
Granted
6,015
5,765
Exercised
(1,861)
(292)
Forfeited
(1,118)
(479)
Closing Balance
8,844
5,808
Number of RSPs exercisable at 31 December
\u2014
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-327": { "value": "
9. Finance income and expenses
FY23
$ \u2018000
FY22
$ \u2018000
Foreign exchange rate gains
\u2014
2,445
Interest income
1,026
14
Other similar income1
1,432
\u2014
Finance income
2,458
2,459
FY23
$ \u2018000
FY22
$ \u2018000
Foreign exchange rate losses
(1,371)
\u2014
Financing costs
\u2014
(19)
Interest expense2
(803)
(485)
Provisions: unwinding of discount
(38)
\u2014
Lease interest expense
(1,572)
(1,010)
Finance expenses
(3,784)
(1,514)
1 Other similar income relates to income earned on money market funds which are held at fair value through profit or loss.
2 Interest expense includes $527 thousand (FY22: $480 thousand) of fees for the undrawn revolving cash facility.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-328": { "value": "
9. Finance income and expenses
FY23
$ \u2018000
FY22
$ \u2018000
Foreign exchange rate gains
\u2014
2,445
Interest income
1,026
14
Other similar income1
1,432
\u2014
Finance income
2,458
2,459
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-329": { "value": "
FY23
$ \u2018000
FY22
$ \u2018000
Foreign exchange rate losses
(1,371)
\u2014
Financing costs
\u2014
(19)
Interest expense2
(803)
(485)
Provisions: unwinding of discount
(38)
\u2014
Lease interest expense
(1,572)
(1,010)
Finance expenses
(3,784)
(1,514)
1 Other similar income relates to income earned on money market funds which are held at fair value through profit or loss.
2 Interest expense includes $527 thousand (FY22: $480 thousand) of fees for the undrawn revolving cash facility.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-330": { "value": "
10. Income tax
FY23
$ \u2018000
FY22
$ \u2018000
Current tax
Current tax on UK profit for the year
(50)
(265)
Current tax (charge)/credit on overseas profits for the year
(948)
690
Adjustments in respect of prior periods1
(2,128)
194
Total current tax (charge)/credit
(3,126)
619
Deferred tax
Origination and reversal of temporary differences
(1,759)
29
Recognition of deductible temporary differences
13,936
\u2014
Adjustments in respect of prior periods
\u2014
(245)
Change in tax rate
2
(2)
Total deferred tax credit/(charge)
12,179
(218)
Total tax credit in the statement of profit or loss
9,053
401
Reconciliation of effective tax rate
FY23
$ \u2018000
FY22
$ \u2018000
Factors affecting the tax credit for the year:
Loss before tax
(1,944)
(15,045)
Current tax credit using the Danish corporation tax rate of 22% (FY22: 22%)
428
3,310
Effects of:
Items not deductible
(652)
(884)
Share options
(1,393)
(701)
Research and development tax credit
4
1,238
Adjustments in respect of prior periods
(2,129)
(51)
Differences between overseas tax rates
(4)
11
Movements in temporary differences recognised/(not recognised)
12,326
(2,704)
Utilisation of tax losses not recognised
473
182
Total tax credit
9,053
401
1 Adjustments in respect of prior periods relate to Danish tax credits.
The Danish corporate income tax rate of 22 per cent (FY22: 22 per cent) is used in the tax
reconciliation for the Trustpilot Group as the majority of recognised tax arises in Denmark.
Taxation for other jurisdictions is calculated at the rates prevailing in each jurisdiction.
The Group\u2019s tax charge will continue to be influenced by the profile of profits earned in the
different countries in which the Group\u2019s subsidiaries operate. The Group could be affected by
changes in tax law in the future, as we expect countries to amend legislation in respect of
international tax.
In line with the requirements of IAS 12, the deferred tax assets and liabilities are offset as they
have a legal right to set off and relate to income with the same taxation authority.
Deferred tax assets are reviewed at each reporting date. In considering the recoverability, the
Group assesses the likelihood of the asset being recovered within a reasonably foreseeable
timeframe considering the future expected profit profile and business model of each relevant
country, as well as any restrictions on use. Reflecting the improving forecasts and expectation
of using tax losses in the Danish entity, the Group has recognised a deferred tax asset of
$12,428 thousand (FY22: $0) at year end. Current forecasts indicate that the losses will be
utilised over the next five years.
Certain losses arising in the year have been sold to the Danish tax authorities allowing a
realisation of an associated tax credit of $0 (FY22: $779 thousand)
Recognised directly in equity
FY23
$ \u2018000
FY22
$ \u2018000
Current tax
Excess tax deductions related to share-based payments
51
261
Total current tax credit
51
261
Deferred tax
Adjustments in respect of prior periods
\u2014
(15)
Total deferred tax charge
\u2014
(15)
Total tax credit in equity
51
246
No amounts of current or deferred tax (FY22: nil) are recognised in other comprehensive
income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-331": { "value": "
11. Earnings/(loss) per share
FY23
$ \u2018000
FY22
$ \u2018000
Profit/(loss) for the year
7,109
(14,644)
Earnings/(loss) per share (cents)
Basic
1.7
(3.5)
Diluted
1.6
(3.5)
The weighted average number of shares used as the denominator for FY22 was 415,086
thousand. Due to there being a profit after tax in 2023, a reconciliation of weighted average
number of shares used as the denominator is included below:
FY23
Weighted average number of shares used as the denominator (000s):
Weighted average number of ordinary shares used as the
denominator in calculating basic earnings per share
417,797
Adjustments for calculation for diluted earnings per share:
Employee warrants and restricted share options
21,938
Weighted average number of shares and potential ordinary shares
used as the denominator in calculating earnings per share
439,735
Given the Group incurred losses in FY22, the impact of potentially dilutive ordinary shares
have been excluded as they would otherwise be anti-dilutive in accordance with IAS 33.
Information concerning the classification of securities
Options granted to employees under the warrants, LTIP and RSP Option Plans are considered
to be potential ordinary shares. They have been included in the determination of diluted
earnings per share if the required performance conditions would have been met based on the
Company's performance up to the reporting date, and to the extent to which they are dilutive.
Details relating to the warrants and options are set out in note 8.
A total of 15,889 thousand warrants and restricted share options have not been included in
the calculation of diluted earnings per share, because they are antidilutive for the year ended
31 December 2023. These options could potentially dilute basic earnings per share in the
future.
As of 31 December 2023, the number of dilutive vested warrants amounted to 11,590
thousand (FY22: 9,341 thousand) and zero vested (FY22: zero) restricted stock units.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-333": { "value": "
12. Intangible assets
Development
projects in
progress
$ \u2018000
Completed
development
projects
$ \u2018000
Total
$ \u2018000
Cost:
At 1 January 2023
4,286
8,602
12,888
Additions during the year
3,232
\u2014
3,232
Transfers \u2013 In progress to placed in service
(5,801)
5,801
\u2014
Exchange differences
122
379
501
At 31 December 2023
1,839
14,782
16,621
Accumulated amortisation and impairment:
At 1 January 2023
(61)
(5,772)
(5,833)
Amortisation for the year
\u2014
(3,171)
(3,171)
Transfers \u2013 In progress to placed in service
61
(61)
\u2014
Exchange differences
\u2014
(262)
(262)
At 31 December 2023
\u2014
(9,266)
(9,266)
Carrying amount as at 31 December 2023
1,839
5,516
7,355
Development
projects in
progress
$ \u2018000
Completed
development
projects
$ \u2018000
Total
$ \u2018000
Cost:
At 1 January 2022
1,834
7,880
9,714
Additions during the year
3,696
\u2014
3,696
Transfers \u2013 In progress to placed in service
(1,167)
1,167
\u2014
Exchange differences
(77)
(445)
(522)
At 31 December 2022
4,286
8,602
12,888
Accumulated amortisation and impairment:
At 1 January 2022
(63)
(3,313)
(3,376)
Amortisation for the year
\u2014
(2,612)
(2,612)
Impairment for the year
(5)
\u2014
(5)
Exchange differences
7
153
160
At 31 December 2022
(61)
(5,772)
(5,833)
Carrying amount as at 31 December 2022
4,225
2,830
7,055
Intangible assets consist of capitalised salaries undertaken for software development which
will provide future economic benefit. Development projects in progress are tested for
impairment annually.
Research and development costs of $7,055 thousand (FY22: $38,707 thousand) that are not
eligible for capitalisation have been expensed within Technology and content line of the
Consolidated statement of profit or loss. Impairment expenses reflect software developments
where the future return does not support the carrying value, for example due to a change in
market or development strategy.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-332": { "value": "
12. Intangible assets
Development
projects in
progress
$ \u2018000
Completed
development
projects
$ \u2018000
Total
$ \u2018000
Cost:
At 1 January 2023
4,286
8,602
12,888
Additions during the year
3,232
\u2014
3,232
Transfers \u2013 In progress to placed in service
(5,801)
5,801
\u2014
Exchange differences
122
379
501
At 31 December 2023
1,839
14,782
16,621
Accumulated amortisation and impairment:
At 1 January 2023
(61)
(5,772)
(5,833)
Amortisation for the year
\u2014
(3,171)
(3,171)
Transfers \u2013 In progress to placed in service
61
(61)
\u2014
Exchange differences
\u2014
(262)
(262)
At 31 December 2023
\u2014
(9,266)
(9,266)
Carrying amount as at 31 December 2023
1,839
5,516
7,355
Development
projects in
progress
$ \u2018000
Completed
development
projects
$ \u2018000
Total
$ \u2018000
Cost:
At 1 January 2022
1,834
7,880
9,714
Additions during the year
3,696
\u2014
3,696
Transfers \u2013 In progress to placed in service
(1,167)
1,167
\u2014
Exchange differences
(77)
(445)
(522)
At 31 December 2022
4,286
8,602
12,888
Accumulated amortisation and impairment:
At 1 January 2022
(63)
(3,313)
(3,376)
Amortisation for the year
\u2014
(2,612)
(2,612)
Impairment for the year
(5)
\u2014
(5)
Exchange differences
7
153
160
At 31 December 2022
(61)
(5,772)
(5,833)
Carrying amount as at 31 December 2022
4,225
2,830
7,055
Intangible assets consist of capitalised salaries undertaken for software development which
will provide future economic benefit. Development projects in progress are tested for
impairment annually.
Research and development costs of $7,055 thousand (FY22: $38,707 thousand) that are not
eligible for capitalisation have been expensed within Technology and content line of the
Consolidated statement of profit or loss. Impairment expenses reflect software developments
where the future return does not support the carrying value, for example due to a change in
market or development strategy.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-334": { "value": "
13. Property, plant and equipment
Leasehold
improvements
$ \u2018000
Other fixtures
and fittings,
tools and
equipment
$ \u2018000
Total
$ \u2018000
Cost:
At 1 January 2023
3,708
2,564
6,272
Additions during the year
172
157
329
Disposals
\u2014
(251)
(251)
Exchange differences
123
74
197
At 31 December 2023
4,003
2,544
6,547
Accumulated depreciation and impairment:
At 1 January 2023
(1,327)
(1,007)
(2,334)
Depreciation for the year
(900)
(673)
(1,573)
Disposals
\u2014
231
231
Exchange differences
(81)
(34)
(115)
At 31 December 2023
(2,308)
(1,483)
(3,791)
Carrying amount as at 31 December 2023
1,695
1,061
2,756
Leasehold
improvements
$ \u2018000
Other fixtures
and fittings,
tools and
equipment
$ \u2018000
Total
$ \u2018000
Cost:
At 1 January 2022
1,700
1,483
3,183
Additions during the year
2,254
1,449
3,703
Disposals
(103)
(234)
(337)
Exchange differences
(143)
(134)
(277)
At 31 December 2022
3,708
2,564
6,272
Accumulated depreciation and impairment:
At 1 January 2022
(798)
(901)
(1,699)
Depreciation for the year
(693)
(399)
(1,092)
Disposals
96
233
329
Exchange differences
68
60
128
At 31 December 2022
(1,327)
(1,007)
(2,334)
Carrying amount as at 31 December 2022
2,381
1,557
3,938
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-335": { "value": "
14. Right-of-use-assets and leases
The Group solely leases properties, which are mostly made for fixed periods between 2-12
years but may have extension options. Lease terms are negotiated on an individual basis and
contain a wide range of different terms and conditions. The lease agreements do not impose
any covenants, but leased assets may not be used as security for borrowing purposes.
Extension and termination options are included in a number of property leases across the
Group. These are used to maximise operational flexibility in terms of managing the assets
used in the Group\u2019s operations.
The Group bases the lease liability on the contractual end date of the lease or the first
possible date to terminate a contract. For the leases located in Denmark, the Group has made
a judgement of 12 months exceeding the termination terms of 6 months due to the current
rolling lease terms.
The Group has recognised the following amounts relating to leases:
FY23
$ \u2018000
FY22
$ \u2018000
Right-of-use assets
Properties
21,021
23,569
FY23
$ \u2018000
FY22
$ \u2018000
Lease liabilities
Current
4,292
3,442
Non-current
18,572
21,243
22,864
24,685
Additions to the right-of-use assets1,2
1,080
15,599
Total cash outflow for leases3
5,235
4,596
1 During the year the Group has signed two new leases for its offices in Italy and Netherlands.
2 Additions to right-of-use assets includes modifications of existing leases
3 Cash outflow includes short-term leases
The statement of profit or loss shows the following amounts relating to leases:
FY23
$ \u2018000
FY22
$ \u2018000
Depreciation charge of right-of-use assets (included in general and
administrative costs)
4,230
3,649
Interest expense (included in finance expenses)
1,572
1,010
Expense relating to short-term leases (included in general and
administrative\u00a0costs)1
125
400
1 The Group classifies leases of 12 months or below as short-term leases. These are not treated under IFRS 16 but expensed to
the statement of profit or loss account over the period of the lease on a straight-line basis. The Group has no lease contracts
with variable payments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-336": { "value": "
15. Deferred tax
Deferred tax assets and liabilities are attributable to the following:
Assets
Liabilities
Net
FY23
$ \u2018000
FY22
$ \u2018000
FY23
$ \u2018000
FY22
$ \u2018000
FY23
$ \u2018000
FY22
$ \u2018000
Intangible assets
\u2014
\u2014
(1,538)
(1,476)
(1,538)
(1,476)
Property, plant and
equipment
435
731
\u2014
\u2014
435
731
Short-term temporary
differences
426
439
\u2014
\u2014
426
439
Tax losses
13,105
385
\u2014
\u2014
13,105
385
Deferred tax assets/
(liabilities)
13,966
1,555
(1,538)
(1,476)
12,428
79
Deferred income tax assets and liabilities disclosed in the balance sheet are offset when there
is a legally enforceable right to set off assets against liabilities and when they relate to the
same fiscal authority.
Deferred tax assets are reviewed at each reporting date. In considering their recoverability,
the Group assesses the likelihood of the asset being recovered with a reasonably foreseeable
timeframe considering the future expected profit profile and business model of each relevant
country, as well as any restrictions on use. Reflecting the improving forecasts and expectation
of using tax losses in the Danish entity, the Group has recognised a deferred tax asset of
$12,428 thousand for the first time in respect of taxes, in addition to deferred tax relation to
the reversal of taxable temporary differences held. Current forecasts indicate that the losses
will be utilised over the next 5 years.
In the prior year $79 thousand arose on short-term temporary differences and fixed assets in
Australia and Lithuania and is recognised on the basis of expected future taxable profits.
Movement in deferred tax during the year:
1 January
2023
$ \u2018000
Recognised
in income
$ \u2018000
Exchange
differences
$ \u2018000
Recognised
in equity
$ \u2018000
31 December
2023
$ \u2018000
Intangible assets
(1,476)
(12)
(50)
\u2014
(1,538)
Property, plant and equipment
731
(310)
14
\u2014
435
Short-term temporary differences
439
(26)
13
\u2014
426
Tax losses
385
12,527
193
\u2014
13,105
Deferred tax assets
79
12,179
170
\u2014
12,428
Movement in deferred tax during the prior year:
1 January
2022
$ \u2018000
Recognised
in income
$ \u2018000
Exchange
differences
$ \u2018000
Recognised
in equity
$ \u2018000
31 December
2022
$ \u2018000
Intangible assets
(1,348)
(202)
74
\u2014
(1,476)
Property, plant and equipment
362
400
(31)
\u2014
731
Short-term temporary differences
653
(205)
(9)
\u2014
439
Share-based payments
381
(369)
3
(15)
\u2014
Tax losses
263
158
(36)
\u2014
385
Deferred tax assets/(liabilities)
311
(218)
1
(15)
79
The deferred tax assets recoverable within 12 months and after 12 months is as follows:
2023
$ \u2018000
2022
$ \u2018000
Deferred tax:
Recoverable within 12 months
382
39
Recoverable after 12 months
12,046
40
Total
12,428
79
Out of the total deferred tax $12,428 thousand (FY22: $79 thousand), $382 thousand (FY22:
$39 thousand) is expected to reverse within the next 12 months. $12,046 thousand (FY22:
$40 thousand) is expected to reverse after 12 months.
Deferred tax not recognised is attributable to the following (presented net at the prevailing
deferred tax rates in local jurisdictions):
2023
$ \u2018000
2022
$ \u2018000
Intangible assets
383
\u2014
Property, plant and equipment
377
511
Short term temporary differences
186
382
Share-based payments
1,781
531
Tax losses1
23,975
38,551
Total
26,702
39,975
1This represents $110,000 thousand (FY22: $177,000 thousand) of gross tax losses carried
forward due to uncertainties over recovery.
There is no expiration date on $69,000 thousand (FY22: $136,000 thousand) of the losses.
The remaining losses of $41,000 thousand (FY22: $41,000 thousand) will begin to expire in
2033 ($1,000 thousand in 2033, $6,000 thousand in 2034, $12,000 thousand in 2035, $12,000
thousand in 2036 and $10,000 thousand in 2037).
No deferred tax liability is recognised on temporary differences of $0 (FY22: $0) relating to the
unremitted earnings of overseas subsidiaries as the Group is able to control the timing of the
reversal of these temporary differences and it is probable that they will not reverse in the
foreseeable future.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-337": { "value": "
16. Trade receivables
FY23
$ \u2018000
FY22
$ \u2018000
Trade receivables at 31 December
10,880
9,058
Less provision for impairment of trade receivables
(1,060)
(783)
Trade receivables net
9,820
8,275
Trade receivables are amounts due from customers for subscriptions sold in the ordinary
course of business. They are typically due for settlement within 8 \u2013 90 days and therefore are
all classified as current. Trade receivables are recognised initially at the amount of
consideration that is unconditional unless they contain significant financing components,
when they are recognised at fair value.
Due to the short-term nature of the current receivables, their carrying amount is considered to
approximate their fair value. This has been assessed based on future cash flows discounted
at an appropriate rate for the risk of the debt.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which
uses a lifetime expected loss allowance for all trade receivables.
Adoption of this approach means Significant Increase in Credit Risk and Date of Initial
Recognition (DOIR) concepts are not applicable to the Group\u2019s ECL calculations. To measure
the expected credit losses, trade receivables have been grouped based on shared credit risk
characteristics and the days past due.
A default on a financial asset is when the counterparty fails to make contractual payments
when they fall due. These receivables are credit impaired. Financial assets are written off
when there is no reasonable expectation of recovery, such as a debtor failing to engage in a
repayment plan. The Group policy is to write down a receivable by 50% when a debtor fails to
make contractual payments more than 90 days past due. When receivables have been written
off, the Group continue to engage in enforcement activity to attempt to recover the remaining
receivable due. When recoveries are made, these are recognised in profit or loss.
The expected loss rates are based on the payment profiles of sales over a period of 12
months before 31 December and the corresponding historical credit losses experienced
within this period. The historical loss rates are adjusted to reflect current and forward-looking
information affecting the ability of the customers to settle the receivables, including
macroeconomic information.
The loss allowance as at 31 December 2023 and 31 December 2022 was determined as
follows for trade receivables:
Not due or
0-60 days
past due
$ \u2018000
More than 60
days past due
$ \u2018000
More than 90
days past due
$ \u2018000
Total
$ \u2018000
2023
Expected loss rate coverage
7%
45%
6%
Gross carrying amount, trade receivables
7,875
877
2,128
10,880
Loss allowance
541
397
122
1,060
Not due or
0-60 days
past due
$ \u2018000
More than 60
days past due
$ \u2018000
More than 90
days past due
$ \u2018000
Total
$ \u2018000
2022
Expected loss rate coverage
7%
36%
4%
Gross carrying amount, trade receivables
6,740
646
1,672
9,058
Loss allowance
479
231
73
783
Given that credit losses are evaluated on both specific credit risk characteristics and days
past due, some expected loss rates may appear higher than expected for certain days past
due buckets.
Movement on the Group\u2019s provision for impairment of trade receivables
FY23
$ \u2018000
FY22
$ \u2018000
Opening balances
783
2,172
Net increase in loss allowance recognised in the profit or loss during the
year1
1,950
1,397
Receivables written off during the year as uncollectible2
(1,673)
(2,786)
Provision for impairment of trade receivables
1,060
783
1 Net increase in loss allowance relates to new assets originated/recovered and financial assets derecognised during the year.
The loss allowance of $1,950 thousand (FY22:$1,397 thousand) has been allocated as follows: $1,686 thousand (FY22: $1,195
thousand) in the profit or loss and $264 thousand (FY22: $202 thousand) in contract liabilities, based on the proportion of
revenue recognised.
2 This also materially represents the contractual amount outstanding on financial assets that were written off during the year and
are still subject to enforcement activity. The Group has not purchased credit impaired assets.
18. Deposits and other receivables
FY23
$ \u2018000
FY22
$ \u2018000
Non-current deposits
Deposits
2,276
2,158
Total non-current deposits
2,276
2,158
Current deposits and other receivables
Other receivables
1,175
1,677
Deposits
60
139
Total current deposits and other receivables
1,235
1,816
The ECL allowance against deposits and other receivables is immaterial in the current and
prior year. The maximum exposure to credit risk at the reporting date is the carrying value of
each class of asset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-338": { "value": "
19. Cash and cash equivalents
FY23
$ \u2018000
FY22
$ \u2018000
Cash at bank and in hand
16,882
73,459
Money market funds1, 2
74,582
\u2014
Total cash and cash equivalents
91,464
73,459
1 Money market funds are held at fair value through profit or loss, see note 22 of the consolidated financial statements for further
details.
2 The Group looks to the fund unit to establish whether the unit qualifies as cash equivalents (that is, it is short term, highly liquid,
readily convertible to known amounts of cash, and subject to an insignificant risk of changes in value). The Group considers if
the policies and controls in combination mean that the investment in the fund unit itself meets all of the criteria, including
ensuring low credit and interest rate risk exposure. The Group assesses the fund, policies and controls to ensure that the
portfolio comprises investments in high-quality (and, typically, short-term) assets and is highly diversified. Although from time-
to-time issuers may hold more than 10% in the fund, the Group has considered a balanced position of the above factors.
Having considered the fund at the reporting point, the Group is satisfied the money market funds held meet the IAS 7
'Statement of Cash Flows' criteria for cash equivalents.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-339": { "value": "
20. Contract balances
The Group has recognised the following assets and liabilities related to contracts with
customers:
FY23
$ \u2018000
FY22
$ \u2018000
Trade receivables1
9,820
8,275
Contract liabilities
(37,841)
(32,210)
1 Trade receivables is a financial asset not a contract asset, further disclosure is available in note 16.
The movement in contract liabilities and trade receivables are in line with the increase in the
Group\u2019s activities and the related sales.
All revenue from subscriptions are recognised monthly over time on a straight-line basis,
unrelated to payment terms upon issuing of invoices. General payment terms are between 8
and 90 days. All subscriptions are prepaid, pro-rated to the billing terms, leading to the
recognition of contract liabilities.
The unearned revenue from contracts in place at 31 December 2023 which will be earned in
future periods is $102,066 thousand (FY22: $83,368 thousand), with 94% expected to be
recognised within one year (FY22: 95%).
Total revenue recognised in FY23 relating to performance obligations that were fully or
partially satisfied in the prior year is nil\u00a0 (FY22:\u00a0nil\u00a0).
During the year ended 31 December 2023 $30,662 thousand (FY22: $27,216 thousand) of the
opening contract liabilities were recognised as revenue.
Of contract liabilities at the reporting date, management expects that $37,841 thousand
(100%) will be recognised as revenue during the next reporting period (FY22: $30,662
thousand (95%) in FY23, $1,341 thousand (4%) in FY24 and $207 thousand (<1%) in\u00a0FY25).", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-340": { "value": "
21. Share capital
Authorised, allotted and fully paid:
31 December 2023
31 December 2022
Number of
shares
Nominal value
($ \u2018000)
Number of
shares
Nominal value
($ \u2018000)
Ordinary shares
419,783,461
5,338
416,241,641
5,006
Total shares
419,783,461
5,338
416,241,641
5,006
The share capital of the Company as of 31 December 2023 consists of a single class of
ordinary shares, each share having a nominal value of GBP 0.01. The ordinary shares carry no
right to fixed income. The holders of ordinary shares are entitled to receive dividends as
declared from time to time and are entitled to one vote per share at meetings of the Company.
Number of
Shares
Share Capital
Nominal value
($ \u2018000)
Share Premium
Nominal value
($ \u2018000)
Changes in share capital
Opening balance at 1 January 2023
416,241,641
5,006
64,537
Employee share scheme issues1
3,541,820
44
612
Contribution of equity \u2013 transaction cost
\u2014
\u2014
(65)
Exchange difference on items recognised directly in equity
\u2014
288
3,706
Ending Balance 31 December 2023
419,783,461
5,338
68,790
1 From 1 January 2023 to 31 December 2023 (inclusive), 3,541,820 ordinary shares were issued in the Company to satisfy the
exercise of warrants and vesting of restricted stock units in the Company, resulting in a share capital increase by $44 thousand
and share premium increase of $547 thousand. Further detail related to these schemes is disclosed in note 8.
Number of
Shares
Share Capital
Nominal value
($\u2019000)
Share Premium
Nominal value
($ \u2018000)
Changes in share capital
Opening balance at 1 January 2022
413,747,356
5,576
70,994
Employee share scheme issues1
2,494,285
31
1,312
Contribution of equity \u2013 transaction cost
\u2014
\u2014
(54)
Exchange difference on items recognised directly
in\u00a0equity
\u2014
(601)
(7,715)
Ending Balance 31 December 2022
416,241,641
5,006
64,537
1 From 1 January 2022 to 31 December 2022 (inclusive), 2,494,285 ordinary shares were issued in the Company to satisfy the
exercise of warrants and vesting of restricted stock units in the Company, resulting in a share capital increase by $31 thousand
and share premium increase of $1,258 thousand. Further detail related to these schemes is disclosed in note 8.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-341": { "value": "
22. Financial risk management
Outlined below are the ways in which the Group addresses interest rate risk, foreign currency
risk, credit risk, liquidity risk and capital risk.
The Board has overall responsibility for the establishment and oversight of the Group\u2019s risk
management framework and for establishing the Group\u2019s risk management policies. The
Group\u2019s overall risk management programme focuses on the unpredictability of financial
markets and seeks to minimise potential adverse effects on the Group\u2019s performance. The
Group does not use derivative financial instruments to hedge any exposures.
Risk management is carried out by the Risk function under policies approved by the Board of
Directors. The Board provides written principles for overall risk management.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will
fluctuate because of changes in reference interest rates. Long-term borrowings with variable
interest rates could therefore expose the Group to cash flow interest rate risk.
The Group has access to a credit facility with HSBC Innovation Bank; this revolving credit
facility includes a variable interest rate that exposes the Group to interest rate risk. Credit
facility funds are available in either USD, EUR or GBP with interest rates determined on a base
plus margin basis with an interest rate floor. For the calculation of the interest base rate, USD
borrowings will utilise the secured overnight financing rate, EUR borrowings will utilise the
Euro interbank offered rate and GBP borrowings will utilise the sterling overnight index
average rate. In addition to this base rate, a margin will be applied based on the Group
EBITDA1 in the most recently completed relevant period. Interest rate risk is concentrated
across three reference rates for USD, EUR and GBP borrowings.
1Group EBITDA in this context is the same as Adjusted EBITDA illustrated in note 4 with the following additional adjustments where applicable:
\u2022 after deducting the amount of any profit (or adding back the amount of any loss) of any member of the Group which is attributable to
minority interests;
\u2022 after deducting the amount of any profit of any Non-Group Entity to the extent that the amount of the profit included in the financial statements of
the Group exceeds the amount actually received in cash by members of the Group through distributions by the Non-Group Entity.
Sensitivity from changes in interest rates, including the impact of interest rate benchmark
reform, has been deemed immaterial given the group is debt free. The Group continues to
monitor changes in interest rates and considers the associated cost of borrowing.
Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of a balance sheet
exposure will fluctuate because of changes in foreign exchange rates.
In general, purchases are made in the functional currencies of the individual group entity. The
currency risk therefore primarily arises from sale in foreign currencies compared to the
functional currency of each of the Group entities. Sales made in foreign currencies are
primarily made by Trustpilot A/S and are denominated in USD, EUR and GBP.
The sensitivity analysis shows the impact on post tax profit/(loss) for the year and equity of a
10 per cent increase/decrease in the specified currencies towards their functional currencies
(presented in US Dollars). The gain/loss is associated with the changing value of financial
instruments on the balance sheet due to the underlying currency fluctuations for those
instruments held in something other than the functional currency.
The impact of the sensitivity analysis is shown below:
Impact on post tax profit/loss
and equity
FY23
$ \u2018000
FY22
$ \u2018000
USD appreciates by 10%
3,000
2,091
USD depreciates by 10%
(3,000)
(2,091)
GBP appreciates by 10%
327
1,153
GBP depreciates by 10%
(327)
(1,153)
EUR appreciates by 10%
1,231
3,247
EUR depreciates by 10%
(1,231)
(3,247)
Year end rates sensitised in the above analysis are 6.7447 (FY22: 6.9722) USD/DKK, 5.3045
(FY22: 5.7977) GBP/DKK, 0.7865 (FY22: 0.8315) USD/GBP and 0.8691 (FY22: 0.8869) EUR/
GBP. Positive figures represent an increase in profit/loss or equity.
The sensitivity analysis is based on the assumption that all other variables and exposures
remains constant on the financial instruments recognised at 31 December. The sensitivity rate
of 10% is assessed to be a reasonably possible change, based on historical volatility.
The carrying amounts of the Group foreign currency denominated financial assets and
liabilities at the reporting date are as follows:
FY23
USD
$ \u2018000
GBP
$ \u2018000
EUR
$ \u2018000
Other
$ \u2018000
Total
$ \u2018000
Cash and cash equivalents
33,247
39,753
17,308
1,156
91,464
Trade receivables
1,832
3,292
2,179
2,517
9,820
Deposits
30
1,935
61
310
2,336
Other receivables1
\u2014
529
\u2014
85
614
Trade payables
(570)
(803)
(147)
(2,961)
(4,481)
Accruals
(3,041)
(5,924)
(1,400)
(6,079)
(16,444)
Lease liabilities
(11,193)
(10,338)
(329)
(1,004)
(22,864)
Borrowings
\u2014
\u2014
\u2014
\u2014
\u2014
FY22
USD
$ \u2018000
GBP
$ \u2018000
EUR
$ \u2018000
Other
$ \u2018000
Total
$ \u2018000
Cash and cash equivalents
23,999
12,721
35,425
1,314
73,459
Trade receivables
1,385
2,691
1,861
2,338
8,275
Deposits
49
1,830
64
354
2,297
Other receivables1
\u2014
377
\u2014
308
685
Trade payables
(398)
(245)
(1,244)
(877)
(2,764)
Accruals
(2,277)
(3,023)
(823)
(4,839)
(10,962)
Lease liabilities
(12,337)
(11,166)
(61)
(1,121)
(24,685)
Borrowings
\u2014
\u2014
\u2014
\u2014
\u2014
1 Other receivables consist of financial instruments and exclude prepayments, taxes and contract acquisition costs.
The impact on post tax profit/loss for the year includes financial instruments that are currency
adjusted through the statement of profit or loss and is based on those financial instruments
that were recognised at the respective balance sheet dates.
Credit risk
Credit risk arises from cash and cash equivalents, deposits with banks and financial institutions,
as well as credit exposures to customers, including outstanding receivables. The Group has
determined that all these financial instruments listed have low credit risk on initial recognition.
The Group\u2019s primary credit exposure is related to trade receivables and cash positions. The
Group determines whether a financial asset is credit-impaired based on the asset\u2019s cash flow
expectations. The Group has no major exposure relating to one single customer or business
partner. The Group has no significant credit risk concentrations as the Group has many small
customers, a total of 26 thousand paying customers at 31 December 2023 (FY22: 25 thousand).
The Group\u2019s credit risk is monitored and managed by senior management based on analysis
of actual loss, review of outstanding receivables and financial market conditions. Given the
historical collection rate, the Group has determined that it will not forgo commercial
agreements with customers due to their credit rating. The Group\u2019s outstanding receivables
and impairment losses are detailed in note 16.
The most significant counterparty risk is related to cash and cash equivalents, as the Group\u2019s
balance at 31 December 2023 amounts to $91,464 thousand (FY22: $73,459 thousand). To
mitigate this risk, it is the Group\u2019s policy only to use banks and asset management institutions of
high quality and with low credit risk in the countries the Group operates in, along with spreading
the risk across several banks. Given the Group\u2019s treasury policy regarding deposits, the Group
does not incorporate further forward-looking information into its understanding of credit risk and
has an expected credit loss for cash and cash equivalents of $0 (FY22: $0). Cash and cash
equivalents are reviewed on a monthly basis and write-offs are considered if expectation of
recovery falls meaningfully. There were no write-offs in FY23 and all cash and cash equivalents are
considered to be a low credit risk, held in institutions with credit ratings of \u201cA\u201d or higher, in line with
our treasury management policy approved by the board. The Group has not established a credit
loss provision on cash and cash equivalents due to the low credit risk associated with institutions
of an \u201cA\u201d rating or higher.
The carrying amounts of trade receivables in note 16 and cash and cash equivalents in note
19 represents the Group\u2019s maximum exposure to credit risk. The Group\u2019s credit risk has not
increased significantly since initial recognition of any financial assets.
Liquidity risk
Prudent liquidity risk management involves maintaining sufficient cash or access to credit to
meet Group obligations.
Management monitors rolling forecasts of the Group\u2019s liquidity, which as of 31 December
2023 consists of $91,464 thousand cash and cash equivalents (FY22: $73,459 thousand) and
a $30,000 thousand (FY22: $30,000 thousand) revolving credit facility to ensure the Group has
sufficient liquid resources to meet the operating needs of the business. The Group manages
its cash and borrowing requirements centrally within risk parameters agreed by the Board. As
of 31 December 2023 the revolving credit facility remains undrawn.
Maturity analysis
The amounts disclosed in the table are the maturity analysis for the contractual undiscounted
cash flows (including interest payments). Balances due within 12 months equal their carrying
balances as the impact of discounting is not significant.
Less than
1 year
$ \u2018000
Between
1 and 3 years
$ \u2018000
More than
3 years
$ \u2018000
Total
$ \u2018000
Non-derivatives
As at 31 December 2023
Trade payables
(4,481)
\u2014
\u2014
(4,481)
Lease liabilities
(5,653)
(12,089)
(10,591)
(28,333)
Borrowings1
(270)
(495)
\u2014
(765)
Accruals
(16,444)
\u2014
\u2014
(16,444)
Total
(26,848)
(12,584)
(10,591)
(50,023)
Less than
1 year
$ \u2018000
Between
1 and 3 years
$ \u2018000
More than
3 years
$ \u2018000
Total
$ \u2018000
Non-derivatives
As at 31 December 2022
Trade payables
(2,764)
\u2014
\u2014
(2,764)
Lease liabilities
(4,949)
(12,605)
(13,939)
(31,493)
Borrowings1
(300)
(75)
\u2014
(375)
Accruals
(10,962)
\u2014
\u2014
(10,962)
Total
(18,975)
(12,680)
(13,939)
(45,594)
1 Borrowings relate to the unused revolving credit facility fee
Financial assets and liabilities per measurement category
FY23
$ \u2018000
FY22
$ \u2018000
Financial assets
Financial assets at amortised cost:
Trade receivables, current
9,820
8,275
Deposits
2,336
2,297
Other receivables1
614
685
Cash at bank and in hand
16,882
73,459
Financial assets at fair value through profit or loss:
Money market funds
74,582
\u2014
Total
104,234
84,716
1 Other receivables consist of financial instruments and exclude prepayments, taxes and contract acquisition costs.
FY23
$ \u2018000
FY22
$ \u2018000
Financial liabilities
Financial liabilities at amortised cost:
Trade payables, current
(4,481)
(2,764)
Accruals, current
(16,444)
(10,962)
Lease liabilities, non-current
(18,572)
(21,243)
Lease liabilities, current
(4,292)
(3,442)
Total
(43,789)
(38,411)
Due to the short-term nature of the Group\u2019s financial instruments, the fair value approximates
the carrying amount.
Financial assets at fair value through profit or loss represents money market funds which are
classified under Level 1 of the fair value hierarchy.
Level 1: The fair value of financial instruments traded in active markets based on quoted
market prices at the end of the reporting period. The quoted market price used for financial
assets held by the Group is the current bid price.
Capital management
The Group\u2019s key management personnel defines and monitors the net cash position, defined
as the cash on the balance sheet less any outstanding debt.
The Group\u2019s objective when managing capital is to safeguard the ability to continue as a
going concern, in a manner that optimises the capital structure.
The Group\u2019s strategy is to finance the operations of the business with the cash on the balance
sheet and only access the credit facility if additional opportunities present themselves. There
has been no change in the policies for managing capital when compared with the prior year.
The Group remains in compliance with the covenants associated with the credit facility.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-342": { "value": "
Credit risk
Credit risk arises from cash and cash equivalents, deposits with banks and financial institutions,
as well as credit exposures to customers, including outstanding receivables. The Group has
determined that all these financial instruments listed have low credit risk on initial recognition.
The Group\u2019s primary credit exposure is related to trade receivables and cash positions. The
Group determines whether a financial asset is credit-impaired based on the asset\u2019s cash flow
expectations. The Group has no major exposure relating to one single customer or business
partner. The Group has no significant credit risk concentrations as the Group has many small
customers, a total of 26 thousand paying customers at 31 December 2023 (FY22: 25 thousand).
The Group\u2019s credit risk is monitored and managed by senior management based on analysis
of actual loss, review of outstanding receivables and financial market conditions. Given the
historical collection rate, the Group has determined that it will not forgo commercial
agreements with customers due to their credit rating. The Group\u2019s outstanding receivables
and impairment losses are detailed in note 16.
The most significant counterparty risk is related to cash and cash equivalents, as the Group\u2019s
balance at 31 December 2023 amounts to $91,464 thousand (FY22: $73,459 thousand). To
mitigate this risk, it is the Group\u2019s policy only to use banks and asset management institutions of
high quality and with low credit risk in the countries the Group operates in, along with spreading
the risk across several banks. Given the Group\u2019s treasury policy regarding deposits, the Group
does not incorporate further forward-looking information into its understanding of credit risk and
has an expected credit loss for cash and cash equivalents of $0 (FY22: $0). Cash and cash
equivalents are reviewed on a monthly basis and write-offs are considered if expectation of
recovery falls meaningfully. There were no write-offs in FY23 and all cash and cash equivalents are
considered to be a low credit risk, held in institutions with credit ratings of \u201cA\u201d or higher, in line with
our treasury management policy approved by the board. The Group has not established a credit
loss provision on cash and cash equivalents due to the low credit risk associated with institutions
of an \u201cA\u201d rating or higher.
The carrying amounts of trade receivables in note 16 and cash and cash equivalents in note
19 represents the Group\u2019s maximum exposure to credit risk. The Group\u2019s credit risk has not
increased significantly since initial recognition of any financial assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-343": { "value": "
Liquidity risk
Prudent liquidity risk management involves maintaining sufficient cash or access to credit to
meet Group obligations.
Management monitors rolling forecasts of the Group\u2019s liquidity, which as of 31 December
2023 consists of $91,464 thousand cash and cash equivalents (FY22: $73,459 thousand) and
a $30,000 thousand (FY22: $30,000 thousand) revolving credit facility to ensure the Group has
sufficient liquid resources to meet the operating needs of the business. The Group manages
its cash and borrowing requirements centrally within risk parameters agreed by the Board. As
of 31 December 2023 the revolving credit facility remains undrawn.
Maturity analysis
The amounts disclosed in the table are the maturity analysis for the contractual undiscounted
cash flows (including interest payments). Balances due within 12 months equal their carrying
balances as the impact of discounting is not significant.
Less than
1 year
$ \u2018000
Between
1 and 3 years
$ \u2018000
More than
3 years
$ \u2018000
Total
$ \u2018000
Non-derivatives
As at 31 December 2023
Trade payables
(4,481)
\u2014
\u2014
(4,481)
Lease liabilities
(5,653)
(12,089)
(10,591)
(28,333)
Borrowings1
(270)
(495)
\u2014
(765)
Accruals
(16,444)
\u2014
\u2014
(16,444)
Total
(26,848)
(12,584)
(10,591)
(50,023)
Less than
1 year
$ \u2018000
Between
1 and 3 years
$ \u2018000
More than
3 years
$ \u2018000
Total
$ \u2018000
Non-derivatives
As at 31 December 2022
Trade payables
(2,764)
\u2014
\u2014
(2,764)
Lease liabilities
(4,949)
(12,605)
(13,939)
(31,493)
Borrowings1
(300)
(75)
\u2014
(375)
Accruals
(10,962)
\u2014
\u2014
(10,962)
Total
(18,975)
(12,680)
(13,939)
(45,594)
1 Borrowings relate to the unused revolving credit facility fee
Financial assets and liabilities per measurement category
FY23
$ \u2018000
FY22
$ \u2018000
Financial assets
Financial assets at amortised cost:
Trade receivables, current
9,820
8,275
Deposits
2,336
2,297
Other receivables1
614
685
Cash at bank and in hand
16,882
73,459
Financial assets at fair value through profit or loss:
Money market funds
74,582
\u2014
Total
104,234
84,716
1 Other receivables consist of financial instruments and exclude prepayments, taxes and contract acquisition costs.
FY23
$ \u2018000
FY22
$ \u2018000
Financial liabilities
Financial liabilities at amortised cost:
Trade payables, current
(4,481)
(2,764)
Accruals, current
(16,444)
(10,962)
Lease liabilities, non-current
(18,572)
(21,243)
Lease liabilities, current
(4,292)
(3,442)
Total
(43,789)
(38,411)
Due to the short-term nature of the Group\u2019s financial instruments, the fair value approximates
the carrying amount.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-344": { "value": "
23. Commitments and contingent liabilities
Pledges and security
In connection with a revolving credit facility of $30,000 thousand, the Company, Trustpilot A/
S, Trustpilot, Inc. and Trustpilot Ltd have granted security over all of their assets and
undertaking, including bank accounts, trademarks and shares (excluding the Company).
No security has been provided for the Group\u2019s leaseholds.
Capital commitments
As at 31 December 2023, the Group had contractual capital commitments of $154 thousand
(FY22: $13 thousand) in relation to the acquisition of property, plant and equipment. The
capital commitments relating to intangible assets are immaterial during FY23 (FY22:
immaterial).
Contingent liabilities
Subsidiaries of Trustpilot Group plc are parties to various litigation claims from time to time.
The outcome of claims pending is not expected to constitute risk for economic outflow of
material importance to the Group\u2019s financial position.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-345": { "value": "
Capital commitments
As at 31 December 2023, the Group had contractual capital commitments of $154 thousand
(FY22: $13 thousand) in relation to the acquisition of property, plant and equipment. The
capital commitments relating to intangible assets are immaterial during FY23 (FY22:
immaterial).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-346": { "value": "
Contingent liabilities
Subsidiaries of Trustpilot Group plc are parties to various litigation claims from time to time.
The outcome of claims pending is not expected to constitute risk for economic outflow of
material importance to the Group\u2019s financial position.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-347": { "value": "
24. Provisions
FY23
Dilapidation
provision
$ \u2018000
FY22
Dilapidation
provision
$ \u2018000
At 1 January
1,081
1,187
Utilised in the year
(98)
(208)
Charged in the year
\u2014
194
Unwinding of discount
38
\u2014
Exchange differences
51
(92)
At 31 December
1,072
1,081
Current
369
453
Non current
703
628
At 31 December
1,072
1,081
The Group recognises dilapidation provisions for leases where Trustpilot will have an
obligation to restore the leases according to the contractual requirements when the leases
come to an end. The provisions are based on internal assessments, estimates from the
landlords and on the lifetime of each lease. There will be uncertainty to the actual outflow for
dilapidation until leases in question have concluded and the space is formally assessed. The
group has dilapidation obligations in the UK entity and the Danish Entity where $369 thousand
is due within 12 months (FY22: $453 thousand) from balance sheet date and $703 thousand is
due after more than 1 year (FY22: $628 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-348": { "value": "
25. Other payables
FY23
$ \u2018000
FY22
$ \u2018000
Non-current
Holiday \u2013 other liability
3,043
2,858
Total non-current other payables
3,043
2,858
Current
Other taxes and social security
6,615
4,343
Accruals
16,444
10,962
Total current other payables
23,059
15,305
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-350": { "value": "
26. Changes in liabilities arising from financing activities
This section sets out an analysis of liabilities arising from borrowings and the movements in
each of the years presented.
1 January
2023
$ \u2018000
Principal
elements of
lease payments4
$ \u2018000
Foreign
exchange
movement
$ \u2018000
New
leases2
$ \u2018000
31 December
2023
$ \u2018000
Borrowings1
\u2014
\u2014
\u2014
\u2014
\u2014
Lease liabilities
24,685
(3,538)
637
1,080
22,864
Total liabilities from
financing activities
24,685
(3,538)
637
1,080
22,864
1 January
2022
$ \u2018000
Principal
elements of
lease payments4
$ \u2018000
Foreign
exchange
movement
$ \u2018000
New
leases2
$ \u2018000
31 December
2022
$ \u2018000
Borrowings
\u2014
\u2014
\u2014
\u2014
\u2014
Lease liabilities3
13,056
(3,187)
(1,517)
16,333
24,685
Total liabilities from
financing activities
13,056
(3,187)
(1,517)
16,333
24,685
1 In 2023 $30,000 thousand was drawn down from the revolving credit facility and fully repaid
2 Including lease modifications
3 The prior year change in liabilities has been updated to more appropriately reflect cash and non-cash movements.
4 Interest expense and interest paid of $1,572 thousand (FY22: $1,010 thousand) are included in cash flows from operating
activities and therefore are excluded from the table above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-349": { "value": "
26. Changes in liabilities arising from financing activities
This section sets out an analysis of liabilities arising from borrowings and the movements in
each of the years presented.
1 January
2023
$ \u2018000
Principal
elements of
lease payments4
$ \u2018000
Foreign
exchange
movement
$ \u2018000
New
leases2
$ \u2018000
31 December
2023
$ \u2018000
Borrowings1
\u2014
\u2014
\u2014
\u2014
\u2014
Lease liabilities
24,685
(3,538)
637
1,080
22,864
Total liabilities from
financing activities
24,685
(3,538)
637
1,080
22,864
1 January
2022
$ \u2018000
Principal
elements of
lease payments4
$ \u2018000
Foreign
exchange
movement
$ \u2018000
New
leases2
$ \u2018000
31 December
2022
$ \u2018000
Borrowings
\u2014
\u2014
\u2014
\u2014
\u2014
Lease liabilities3
13,056
(3,187)
(1,517)
16,333
24,685
Total liabilities from
financing activities
13,056
(3,187)
(1,517)
16,333
24,685
1 In 2023 $30,000 thousand was drawn down from the revolving credit facility and fully repaid
2 Including lease modifications
3 The prior year change in liabilities has been updated to more appropriately reflect cash and non-cash movements.
4 Interest expense and interest paid of $1,572 thousand (FY22: $1,010 thousand) are included in cash flows from operating
activities and therefore are excluded from the table above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-351": { "value": "
27. Related parties
The key management compensation is disclosed in note 6.
During the years ended 31 December 2023 and 31 December 2022, there were no material
transactions with related parties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-352": { "value": "
28. Reconciliation to operating cash flows
FY23
$ \u2018000
FY22
$ \u2018000
Changes to net working capital
Increase in trade receivables
(1,286)
(2,412)
Decrease in other assets
608
899
Increase in prepayments
(423)
(711)
Increase in trade payables
1,640
930
Decrease in provisions
(64)
(14)
Increase/(decrease) in other payables
6,195
(3,810)
Increase in contract acquisition costs
(3,940)
\u2014
Increase in contract liabilities
4,642
6,020
Total
7,372
902
Adjustments to operating cash flows
Income tax credit
(9,053)
(401)
Amortisation and impairment of intangible assets
3,171
2,617
Depreciation of property, plant and equipment and right-of-use assets
5,803
4,741
Loss on disposal of property, plant and equipment
20
\u2014
Finance expense/(income)
1,326
(945)
Share-based compensation
6,339
5,853
Total
7,606
11,865
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-353": { "value": "
29. List of Group companies
\u00a0 \u00a0 Ownership interest
Entity
Legal entity registered
office
Status
Place of
incorporation
2023
2022
Business activities
Trustpilot A/S
Pilestr\u00e6de 58, 5,
1112 K\u00f8benhavn K
Trading
Denmark
100%
100%
Provision of global
review platform
Trustpilot, Inc.
c/o The Corporation
Trust Company,
Corporation Trust
Center, 1209 Orange
Street, Wilmington,
DE 19801, USA
Trading
US
100%
100%
Provision of global
review platform
Trustpilot Ltd
5th Floor, The
Minster Building, 21
Mincing Lane,
London EC3R 7AG,
United Kingdom
Trading
England &
Wales
100%
100%
Provision of global
review platform
Trustpilot
GmbH
c/o Dantax
Steuerberatungs
GmbH, Am Oxer 7,
24955 Harrislee,
Germany
Trading
Germany
100%
100%
Provision of global
review platform
Trpilot Pty
Limited
Suite 3, 61 Porter
Street, Prahran,
3181 VIC, Australia
Trading
Australia
100%
100%
Provision of global
review platform
Trustpilot UAB
Vito Gerulaic\u02c7io g. 1,
3rd floor, Vilnius,
Lithuania
Trading
Lithuania
100%
100%
Provision of global
review platform
Trustpilot S.r.l.
Corso Vercelli 40,
Milan, CAP 20145,
Italy
Trading
Italy
100%
100%
Provision of global
review platform
Trustpilot B.V.
Herikerbergweg 238,
Luna ArenA, 1101
CM Amsterdam, The
Netherlands
Trading
Netherlands
100%
100%
Provision of global
review platform
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-354": { "value": "
30. Post balance sheet events
On 11 January 2024, Trustpilot announced the commencement of a \u00a320 million share
buyback programme. The purpose of the programme is to ensure the Group is running an
efficient balance sheet and returning excess capital, not required for other priorities, to
shareholders. All shares repurchased as part of the programme will be cancelled.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }